BUSINESS

Excises taxes on cigarettes and more up in 2012

According to the Tax Code, the ex­change rate set by the European Cen­tral Bank for October 1 is the rate at which excises and other taxes will be calculated starting January of 2012, Realitatea.net reports. It includes excise taxes charged on cigarettes, petroleum and electricity, which means the higher the euro rises, the higher the excise tax. This means the excises above will be at least 1.5 pc more expensive from January 2012.

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