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Romania Opts For Deeper VAT Cut

by Tatiana Smolenskaya, Tax-News.com, Moscow

26 June 2015


The Tax Package to be included with Romania's 2016 Budget has been settled with a greater than expected VAT cut.

The draft tax provisions, published in February, proposed a reduction in the headline VAT rate, from 24 percent to 20 percent. After extensive debate by the Budget Committee, the Lower House has now agreed to reduce the rate yet further, to 19 percent.

Budget legislation will provide for the 19 percent rate to apply from the beginning of 2016, but the Minister of Public Finance Eugen Teodorovici has indicated that the Government will seek to implement it even earlier than this.

Both the EU and the IMF have expressed doubts over the sustainability of such deep tax cuts in Romania.

TAGS: VAT rates | tax | value added tax (VAT) | VAT legislation | International Monetary Fund (IMF) | Romania | legislation | tax rates | tax reform | legislation amendments

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