The New Fiscal Code has been published in the Official Journal of Romania (no. 688 / 10 September 2015), starting 1 January 2016, the law will replace the existing Fiscal Code.
Hereby the most important changes in the New Fiscal Code:
Starting 1 January 2016, the standard VAT rate will be reduced from 24% to 20% and the following taxes will be eliminated:
- Non-harmonised excise duties (on coffee and on certain luxury products).
- The tax on crude oil from domestic production.
- The hotel tax (city tax).
Starting 1 January 2017, the standard VAT rate will be further reduced to 19%,the tax on dividends will be reduced from 16% to 5%, and the following taxes will be eliminated:
- The tax on constructions.
- The “super-excise” on motor fuels.
For more information;