Tuesday, December 29, 2015

EU in panic mode: Romania, member state, is cutting VAT

Leaders of the European Union went into a panic mode. Despite warnings of serious consequences the Romanian government has decided to lower the Value Added Tax (VAT) from 24% to 20% (19% next year and 18% a year after). VAT on food was cut down to 9%. Business and dividend taxes were also cut. If they succeed the member states may go the same route.

Happy New Year! 2016 starts with tax cuts in Romania