Romanian MPs Finally Reach Agreement On VAT Rate Cuts
After being approved and then rejected by the President, Romania this week finally achieved cross-party agreement on the extent of VAT cuts; it will drop to 20% from next year, and to 19% from 2017. Romanian lawmakers agreed to shave 4.4 billion lei ($1.1 billion) off planned tax cuts, amid worries the proposals may blow a hole in the budget next year.
The original package included a cut in value added tax to 19% from 24%, as well as reduced levies on fuel and dividends. However, MPs across parties agreed to cut VAT to 20% from next year and to...
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