BUSINESS

IMF urged cabinet to pass VAT hike act in Parliament

The Ministry of Public Finance (MFP) allegedly received a “warning” to the effect that the Government’s Emergency Ordinance (OUG) 58 regarding the hiking of VAT has to be adopted, in Parliament, by the end of the year, as stipulated in Romania’s agreement with the IMF, sources in the legislative stated, quoted by Money.ro. “MFP advised us of this and we hope we will manage to pass the ordinance through the assembly as soon as possible,” the aforementioned sources stated, adding that IMF experts had called the ministry’s attention to this. The Senate, as the first Chamber notified, adopted, at the end of August, the bill to approve OUG 58/2010 regarding the Tax Code and other financial and fiscal measures, in the form sent by the Government into Parliament. By the end of October, the bill was approved by the legal, education and industry committees, while the economic policy and labour committees voted against it.

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