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Romania: Drop of VAT on Bread and Baked Goods

Published: July 31, 2013; 14:32 · (Vindobona)

Around 70 percent of Romanian bread and baked goods are sold on the black market. A drop in VAT is supposed to change that.

Romania: Drop of VAT on Bread and Baked Goods / Picture: © Flickr

The International Monetary Fund (IMF) has long rejected the plans of the Romanian government. However, now the administration in Bucharest is allowed to drop taxes on bread and baked goods. The new value added tax of nine percent will be introduced on September 1, 2013, head of government, Victor Ponta announced. Currently the tax comes at 24 percent.

In a speech announcing these…

This article includes a total of 450 words.

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