Romania's Parliamentary Budget Commission decides VAT rate cut to 19%

The Budget Commission within Romania’s Chamber of Deputies unanimously approved on June 22 the new Fiscal Code, which includes the VAT rate cut from 24% to 19% starting January 1, 2016. National Liberal MP Andreea Paul brought forward the suggestion to cut the VAT to 19% and the social-democrat MP Viorel Stefan, the Budget Commission’s president, said that the Social Democrat party approved the suggestion, so that the new Fiscal Code would be voted unanimously, reports local Wall-street.ro. Finance Minister Eugen Teodorovici said that analyses show that such a measure will have good effects in the economy. The Government is considering cutting the VAT rate to 19% even before January 1, 2016. editor@romania-insider.com