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Liberal Democrats suggest gradual reduction of VAT from 24 percent to 19 perCent

2014-04-05 16:34:51 - From the Print Edition

The Democrat Liberal Party has submitted to the Chamber of Deputies a draft bill setting out fiscal measures to boost consumption and economic activities in Romania. One of the measures is the gradual reduction of VAT from 24 to 19 percent, according to Gheorghe Ialomitianu, the former Minister of Finance. According to the bill, VAT would be reduced in two stages, with a 2 percentage point cut in January 2015 and another 3 percentage point cut in January 2016. Moreover, the bill also sets out a two-stage reduction of the current VAT on basic food products to 9 percent by 2016. To boost the construction sector, Ialomitianu says that bill includes a reverse charge and tax exemption for new buildings until they are completed and included in the sale or renting process. According to representative of the Democrat Liberal Party, the current economic stability means Romania can afford to apply these measures.



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