The Council of the European Union has raised, at Romania’s request, from EUR 35,000 to EUR 50,000 the turnover or revenue ceiling over which local companies shall pay Value Added Tax (VAT). The measure was passed on March 26 and was published late last week in the EU Official Gazette The Council resolution has in view a ceiling of EUR 65,000 at the RON 3.3/euro exchange rate into effect on the date Romania joined the EU, which brings the current ceiling at nearly EUR 50,000 for the present exchange rate of RON 4.37/euro. The measure enters into effect on its publishing date in the Official Gazette and is valid until the end of 2014 or until a new European directive is implemented on the turnover ceiling under which companies are VATexempted, the document reads.
