Romania: New Fiscal Code from 2016
New Fiscal Code from 2016
Law no. 227/2015 on the Fiscal Code (hereinafter “the New Fiscal Code”) has been published in the Official Journal of Romania (no. 688 / 10 September 2015). Starting 1 January 2016, the law will replace the existing Fiscal Code, approved by Law no. 571/2003.
Starting 1 January 2016, the standard VAT rate will be reduced from 24% to 20% and the following taxes will be eliminated:
- Non-harmonised excise duties (on coffee and on certain luxury products).
- The tax on crude oil from domestic production.
- The hotel tax (city tax).
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