The Ministry of Public Finance has informed tobacco manufacturers that the ad valorem excise will go down from 18% to 14% starting April 1, 2015, although it should have been adjusted only by one percentage point, and the proposed level should be reached only by 2018, according to the schedule agreed with the European Commission, reports local Mediafax.

Minister representatives announced companies that they would apply an exchange rate of RON 4.73 / EUR 1, the level of this year, when calculating the excises, but have not ruled out an inflation-indexed rate, following negotiations with the International Monetary Fund and the European Commission.

editor@romania-insider.com