Romania's VAT Rate Cut to 20%
Romania's headline value-added tax rate fell from 24% to 20% on January 1.
The tax cut was included in the Tax Code amendments, which were passed last year after a lengthy debate on whether deep tax cuts for Romania were prudent.
Earlier, lawmakers had signed off on a 5% reduction, to 19%, but the proposal was vetoed by the country's President, Klaus Iohannis.
After the changes to the tax plan, former Prime Minister Victor Ponta said the Government would seek to install the 19% from 2017. Ponta resigned in November 2015 due to an unrelated matter.
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