Mon, 11/05/2015
The Romanian government passed an emergency ordinance to reduce value added tax on food products. The VAT for all agri-food products, including non-alcoholic beverages and food services, will be reduced to 9% from 24% starting with 1 June 2015.
According to the Romanian Prime-Minister, the government’s decision is supported by a major improvement in tax collection, leading to higher-than-expected revenues which were RON 3.3 billion more than the targeted amount for Q1 2015 and RON 5 billion above last year’s level.
Contact:
Irina Savastre, Head of Global Securities Services Romania
irina.savastre@unicredit.ro