Romanian President enforces holiday vouchers law

President Klaus Iohannis promulgated on June 29 the law on holiday vouchers, which provides that all employees can benefit from holiday vouchers, whose maximum value should be of up to six average salaries, or about EUR 1,300. The vouchers will only be valid for holidays in Romania. State employees will receive only holiday vouchers instead of holiday tickets or bonuses. Private companies can give their employees either holiday vouchers or holiday bonuses. The holiday vouchers will be fully deductible for companies. Companies will not pay any social contributions for these vouchers, except the 16% tax on individual revenues. The Chamber of Deputies voted the law at the beginning of June with 303 votes “for” and 12 abstentions, after the law was voted by the Senate in March. editor@romania-insider.com