Political parties in Romania agree to cut VAT rate to 20%
The new Fiscal Code’s initial form, which was approved by the Parliament but rejected by President Klaus Iohannis, included the VAT rate cut from 24% to 19% starting January 1, 2016. Iohannis sent the code back to the Parliament for review, due to the high negative impact of the fiscal relaxation measures on next year’s budget.
The National Liberal Party PNL has agreed with the VAT rate cut in two steps and has signed a technical agreement, which will represent the support for the political vote in the Parliament. ■