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Romania Seeks EU’s Support To Delay Excise Duty Hikes Over Weak Leu

Romania will ask the European Commission to allow it a lower increase in the annual excise duties in January next year, due to the leu’s significant depreciation against the euro over the past twelve months, interim Finance Minister Gheorghe Pogea said Tuesday.
Romania Seeks EU’s Support To Delay Excise Duty Hikes Over Weak Leu
10 nov. 2009, 16:12, English

„The excise duties are to be increased according to a schedule set together with the European Commission. Unfortunately, they include the evolution of the rate exchange, which depreciated by 14.2%,” Pogea said.

He said that the weaker leu may trigger higher excise duties by up to 30% on certain categories of products.

The Finance Ministry proposes the annual excise duties will be increased gradually, first by 14.2% and, later in the year, by bringing it up to the level agreed upon with the Commission.

For 2010, the taxes in Romania will be calculated at an exchange rate of RON4.2688 per euro, compared with RON3.7364 per euro in 2009.

Under the country’s Tax Code, the excise duties on cigarettes are to increase by EUR10 to EUR74/1,000 cigarettes as of January 2010, while taxes on energy will reach EUR0.5/MWh from EUR0.42/MWh this year.

Also, excise duties on unleaded gasoline will be hiked to EUR452/ton, from EUR436/ton in 2009, while the duties levied on diesel oil will reach EUR347/ton, from EUR336/ton currently.

The excise duties levied on luxury products will no longer be applied.