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Romanian Fin Ministry To Implement VAT Compensation Sys In July

Romania's Finance Ministry will implement in July the value-added tax compensation system, which will include a sum of 980 million lei (EUR1=RON4.2138), one of the coalition leaders said Monday after the ruling coalition’s weekly meeting.
Romanian Fin Ministry To Implement VAT Compensation Sys In July
13 iul. 2009, 12:53, English

Democrat Liberal Party PDL vice-president Gheorghe Flutur said that, according to the calculations, around 80% of the total amount, namely over RON700 million, will be directly reimbursed, while the rest will be compensated.

PDL vice-president said the coalition meeting was not attended by Prime Minister Emil Boc, who is in Ankara to sign the Nabucco gas pipeline deal. The president of the Social Democratic Party PSD, Mircea Geoana, did not attend the weekly meeting either.

Finance minister Gheorghe Pogea said last week that the Finance Ministry would announce monthly the sums owed by the state to companies as VAT reimbursements, setting up for July a sum of RON1.07 billion, of which RON728 billion will be returned in cash.

The minister added that 80% of the total payments would cover the historic debts, while 20% of the funds would be used to discount the sums within the 45-day legal deadline.