Changes to the Fiscal Code published in the Official Registry

Newsroom 05/08/2013 | 09:23

The changes to the Fiscal Code which axe the VAT for bread and reintroduce excise taxes for some luxury products were published in the Official Registry.

Under these changes, the VAT for bread and bread-related products was axed from 24 percent to 9 percent. This measure will come into force starting September and will apply not only to bread but also other bread-related products, including flour.

According to prime-minister Victor Ponta, this measure could curb the rampant fiscal evasion in this sector and open the path for a differentiated VAT in other sectors.

“The opinion of the IMF and European Commission was that we will not have a reduction in fiscal evasion by lowering VAT; our opinion is that through a partnership with producers’ associations we can reach this goal,” said the PM.

The excise taxes which were reintroduced for luxury products will apply to jewels made of gold and platinum, with the exception of wedding rings, natural furs, yachts and other leisure boats.

Cars and rough terrain vehicles as well as hunting guns and personal use guns as well as amunition will also be subject to the excise tax. The measure applies also from September 1.

 Otilia Haraga

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