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Romania Won’t Raise VAT Rate – Fin Min

Romania won't raise its value added tax and Finance Ministry officials are currently discussing with representatives of the International Monetary Fund on the enlargement of the taxation pool, Minister Sebastian Vladescu said Friday.
Romania Won't Raise VAT Rate - Fin Min
30 apr. 2010, 13:05, English

The VAT rate is currently at 19%.

Vladescu met Friday with the IMF mission that came to Bucharest to review Romania’s compliance with the terms of a EUR13 billion stand-by agreement.

„We are working, calculating figures, we follow both the local and international economic developments,” Vladescu said.

Romania’s budget revenue came in lower than expected in the first months of the year, and the government was forced to cut spending in order to met the deficit target agreed with the IMF.

Vladescu said the country’s economic growth has not been discussed yet, adding the ministry’s forecast stands at 0.8%.

The IMF has recently revised down its estimation on Romania’s GDP growth from 1.3% to 0.8%.