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Monday, February 28, 2005
[[w:Bucharest, Romania|Bucharest, Romania]] — The Romanian Finance Minister Ionuţ Popescu has responded to public fears of a rise in value added tax (VAT) by saying that Romania's VAT will remain at 19% and will not increase. He rejected rumours that the value added tax, which is applied to most goods and services, will increase due to negotiations with the International Monetary Fund and a need to boost government revenue.
After introducing a low flat tax rate of 16% on January 1, 2005, which applies to both personal income and corporate profits, the government has had to fund the tax cuts through alternative means, including increases in other types of taxation, to avoid running a high budget deficit. For example, from April 1, the government will increase excises as well as a range of other taxes. Despite the increase, Romania continues to have one of the lowest fiscal burdens in Europe due to the new 16% flat tax rate.
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This page is archived, and is no longer publicly editable.
Articles presented on Wikinews reflect the specific time at which they were written and published, and do not attempt to encompass events or knowledge which occur or become known after their publication.
Please note that due to our archival policy, we will not alter or update the content of articles that are archived, but will only accept requests to make grammatical and formatting corrections.
Note that some listed sources or external links may no longer be available online due to age.
