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October 28, 2020
BUSINESS

Next year, excise duties to be calculated at 4.3 RON/EUR

Next year, excise duties will be calculated at an exchange rate of 4.3001 RON/EUR, an­nounced Monday by the European Central Bank (ECB), an exchange rate that is 0.8 pc higher than this year’s 4.2655 RON/EUR, Mediafax reports.

The level of the excise duty in RON is established in accordance with the Fiscal Code, by converting the sums in EUR equivalent, based on the ex­change rate announced by the ECB for the first working day of October the previous year.

The exchange rate an­nounced on October 1st 2010 was just 0.07 pc under that used in calculating the excise duties for last year. Excise duties are paid for the production of alcohol and liquors, processed tobacco, energy products and coffee.
For next year, the government expects incomes from excise duties worth RON 21.75 bln, 8 pc more than this year’s estimate. At this level, the exchange rate increase will bring additional incomes of about RON 175 M to the budget.

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