Excise duties to be expressed in Romanian currency

Excise duty rates will be expressed in Romanian currency starting January 1, 2015, using the currency level from 2014, according a draft emergency ordinance, cited by local Agerpres. This has been established to prevent fluctuations of the excise revenues to the state budget based on the exchange rates variations set by the European Central Bank on October 1, each year. "Starting 2016, the currency level will be annually updated based on the rise in consumer prices in the last 12 months, according to data officially presented by the National Institute of Statistics until October 15," reads a release of the Ministry of Public Finance. editor@romania-insider.com