BUSINESS

VAT on books to be cut from 9 to 5 pc on 1 January 2016

The value added tax (VAT) on books will be cut from 9 to 5 per cent on 1 January 2016, Culture Minister Ionut Vulpescu announced on Thursday. Ionut Vulpescu has obtained Premier Ponta’s and Finance Minister Teodorovici’s principled agreement.

The Culture Minister will file in the Lower Chamber an amendment to the Fiscal Code, one stipulating that the VAT on books would be lowered from 9 to 5 per cent, Romania thus being set to become one of the countries with the lowest VATs on books in Europe. The measure would come into force on 1 January 2016, simultaneously with the new Fiscal Code that entails, among others, the lowering of the general VAT level to 20 per cent, as well as other fiscal relaxation measures.

The draft Fiscal Code was approved by the Government and transmitted to the Senate on March 25. The draft, currently debated within the Senate’s special commissions, will be voted by Senators and will be transmitted to the Lower Chamber.

 

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