Romanian Govt To Hike Over Six Times Vessel Taxes By Amending Fiscal Code

The Government is working on a draft normative act to amend the Fiscal Code, whereby the annual tax on sports and voyage vessels will be increased to levels ranging between 800 lei (EUR1=RON4.0716) and RON5,000, from sums between RON0 and RON800.

The Fiscal Code defines sports and voyage vessels as any cruiser between 2.5 meters and 24 meters long and used in sport activities and voyages.

In October 2009, the Government decided that, starting 2010, excises for luxury products, including yachts or other vessels, will be eliminated to avoid EC infringement procedures against Romania for applying excises set in percentage.

Vessel dealer Neptun Yacht executive manager Mirela Nurciu said late last year that, by eliminating excises for luxury products, vessel prices will fall up to 12% which will further trigger an increase in vessel sales.

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