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Romania

1 July 2015

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Romanian Chamber of Deputies Approves Draft Tax Reform for 2016

On 25 June 2015, the Romanian Chamber of Deputies (lower house) approved draft revisions to the Tax Code and Fiscal Procedures Code to be included in 2016 Budget legislation. The approved revisions generally follows measures introduce by the government in February 2015 with some changes, including:

  • The standard value added tax (VAT) rate is reduced from 24% to 19% instead of 20%; and
  • The withholding tax on dividends is reduced to 5% instead of 0%.

The above measures are to apply from 1 January 2016 and are part of Romania's Plan for Fiscal Relaxation 2016-2020, which also includes a reduction in social security contributions in 2017 and a reduction in the corporate tax rate in 2019. Click the following link for previous coverage of the plan.

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