(ii) Excise duties – excise duty rates for certain alcoholic beverages and products are going to be reduced in 2016, while those for gasoline and diesel fuel are going to be reduced in 2017. Despite the administrative complications expected from the first reduction in 2016 (mostly because the VAT rate will change right in the middle of the winter holiday season) ultimately this tax rate cut is likely to bring good news to the average consumer who should see prices drop for most goods and services. (i) VAT – the standard VAT rate will be reduced from 24 % to 20 % in 2016 and to 19 % in 2017.
#Salar minim pe economie 2016 code#
The New Fiscal Code is abundant with tax rate cuts, which are going to look very appealing to anyone doing or planning to do business in Romania in the immediate future: The general opinion of the business community and professionals involved in consultations for the new Fiscal Code is that the outcome, though not perfect, is a significant step forward.Īs expected, the changes scheduled to enter into force starting on 1 January 2016, are quite numerous and it is no exaggeration that they will have a material impact on doing business in Romania.įor obvious reasons, in this article, we will only focus on …the main changes…
It is a “remake” of the 2004 version, embedding a necessary, even if incomplete, reaction to market realities. The Romanian Fiscal Code has been, for taxpayers and tax professionals alike, an endless source of debate and exasperation, its complexity obvious to anyone who looks at the number of amendments (somewhere in the hundreds) made to this very important piece of legislation since it was first enacted on 1 January 2004.Īfter a process, which spanned many years the new version of the Fiscal Code was finally published in Romania’s Official Gazette in September 2015. F: +40 21 319 67 After lengthy debates, the Romanian legislature has finally approved what is without a doubt the most significant revision of the Romanian Fiscal code since it entered into force on 1 January 2004.
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