Profile picture for user andreich
Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at [email protected] 

 

RO Govt. keeps VAT rate unchanged for more expensive homes

Romania's Government postponed by one year increasing the threshold for the preferential 5% VAT rate applied at the sale of new apartments and houses, Ziarul Financiar reported.

The threshold should increase from about EUR 93,000 currently to EUR 140,000.

The Government estimates that this measure would have impacted its VAT revenues by some RON 200 million (EUR 41 mln).

The decision was passed by an emergency ordinance on December 30.

Initially, the Parliament had passed the preferential VAT rate for more expensive homes in October.

The Government's decision, not announced before, is part of what seems to be an undeclared austerity package aimed at bringing the budget deficit down to 7% of GDP in 2021 from over 9% of GDP in 2020.

The real estate developers claim that they have invested hundreds of thousands of euros in re-designing residential projects to adapt to the new market conditions enacted by lawmakers on October 20.

(Photo: Andrey Popov/ Dreamstime)

[email protected]

Normal
Profile picture for user andreich
Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at [email protected] 

 

RO Govt. keeps VAT rate unchanged for more expensive homes

Romania's Government postponed by one year increasing the threshold for the preferential 5% VAT rate applied at the sale of new apartments and houses, Ziarul Financiar reported.

The threshold should increase from about EUR 93,000 currently to EUR 140,000.

The Government estimates that this measure would have impacted its VAT revenues by some RON 200 million (EUR 41 mln).

The decision was passed by an emergency ordinance on December 30.

Initially, the Parliament had passed the preferential VAT rate for more expensive homes in October.

The Government's decision, not announced before, is part of what seems to be an undeclared austerity package aimed at bringing the budget deficit down to 7% of GDP in 2021 from over 9% of GDP in 2020.

The real estate developers claim that they have invested hundreds of thousands of euros in re-designing residential projects to adapt to the new market conditions enacted by lawmakers on October 20.

(Photo: Andrey Popov/ Dreamstime)

[email protected]

Normal
 

Romania Insider Free Newsletters