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January 27, 2023

New Finance Minister plans to lower VAT to 22 pc

Darius Valcov, recently nominated Public Finance Minister to replace Ioana Petrescu, stated that one of the goals of his term would be lowering the VAT. As is known, the VAT level in Romania – 24 per cent – is one of the highest in Europe, with only Denmark and Hungary surpassing it. Heard by the Parliament’s finance and banking commissions before taking over the Finance Ministry, Valcov stated that he seeks to lower the VAT from 24 to 22 or even 21 per cent, depending on revenues. He pointed out that if there will be extra budget revenues of RON 1 bln in 2015 the VAT will drop by 1 percentage point, and if the extra budget revenues total RON 2 bln the VAT will be lowered by 2 percentage points.


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