Romania: a two step VAT reduction in next two years

After the Senate, the Romanian Parliament also voted for the next year’s new tax bill on Thursday.

According to the new bill, the Value Added Tax (VAT) will be reduced to 20 percent in 2016 and to 19 percent in 2017 from the current 24 percent in Romania.

The parliament had to vote again on the new tax laws containing the five percentage point VAT rate cut, because Klaus Iohannis head of state sent it back to the parliament for consideration. (Baranyi László, MTI)