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Bucharest
May 26, 2020
ECONOMY FINANCE&BANKING

Fiscal Code’s application norms, by end of November

The Finance Ministry is working on devising the draft application norms of the Fiscal Code, its intention being to have “a coherent draft” by the end of November, the director general of the Finance Ministry’s Directorate for Fiscal Code Legislation and Customs Regulations stated on Thursday.
“At the Finance Ministry we are preparing the application norms of the Fiscal Code. In what concerns the VAT, a lot of examples will be provided in order to help you in your activity, to clarify various aspects,” the Finance Ministry representative told fiscal and accounting specialists at a conference.
The official pointed out that toward the end of November the ministry will have “a coherent norms draft,” and will propose yet another meeting at that point in order to discuss various articles in an applied manner.
The most important measure included by the new Fiscal Code is the lowering of the VAT from 24 to 20 per cent starting on 1 January 2016. The VAT is set to drop to 19 per cent starting in 2017.

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