BUSINESS

Lowering VAT on bread calls for RON 120 M in provisions

Premier Victor Ponta stated on Monday that lowering the VAT on bread from 24 to 9 per cent, a proposal discussed with but so far not approved by the IMF, will call for RON 120 M in provisions in H2, Mediafax informs. He pointed out that the government is yet to obtain the IMF’s approval when it comes to lowering the VAT on certain foodstuffs, pointing out that this idea represents a political goal that could be applied first only in the case of bread. The Premier pointed out that a test will be done for a single product first, namely bread, in the second half of the year.

Ponta pointed out that if bread producers, seeing they have a smaller VAT, issue invoices and citizens ask for a receipt when buying bread it will mean the project will be successful and the lowering of VAT on other foodstuffs will be possible in 2014.

 

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