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Romania’s Economy Ministry Ups Minimum Excise For Cigarettes By 4.5%

The minimum excise for cigarettes will reach EUR39.5 /1,000 cigarettes during January 1 – June 30, 2008, up 4.55% compared with the second half of 2007, according to an order issued by Romania’s Ministry of Economy and Finance.
Romania’s Economy Ministry Ups Minimum Excise For Cigarettes By 4.5%
29 dec. 2007, 17:28, English
Expressed in lei, the minimum excise will reach RON132.6 /1,000 cigarettes, which is lower than the excise levied in the second half of 2007.
Under the Fiscal Code, the level of the minimum excise is set on a half-yearly basis depending on the evolution of the excise for best-sold cigarettes. The minimum excise reached RON133.5/1,000 cigarettes (EUR37.78/1,000 cigarettes) during July 1-December 31, 2007.
For 2008, the Fiscal Code stipulates an increase in excises from EUR41.5 /1,000 cigarettes to EUR50/1,000 cigarettes.
Romania must observe a gradual increase calendar in the minimum excise per 1,000 cigarettes so that the tax will reach EUR74 in 2010.
Romanians will also see in 2008 increases in excises for electricity, Diesel oil, crude oil and natural gas used as heating fuel for households.
Excises will be computed in 2008 based on an exchange rate of nearly RON3.35/euro, lower than the exchange rate of RON3.53 /euro used in 2007.