Bucharest, February 15, 2011.
The economic situation in Romania has triggered major fiscal legislative changes which have had a major impact on the business environment and final consumers.
As the main mechanism for generating State Budget revenues, indirect taxation has had perhaps the most spectacular dynamic in the past year. In this context we need only remember the sudden increase in the standard VAT rate from 19% to 24%, the enforcement of additional registration and reporting obligations, the extension of the restrictions regarding the deductibility of VAT related to the acqusition of vehicles and fuel as well as the limitations in the field of excisable products.
We expect that this dynamic will continue in 2011, considering the discussions being held at European Commission level towards a simpler, more robust and efficient VAT system.
Even in such challenging times, our fiscal advisors together with lawyers specialising in fiscal consultancy want to bring you an optimistic message and success stories which allowed companies from various industries, such as: Retail and consumer products, Financial Services, Pharmaceutics, Energy and Automotive, to manage more effectively the dynamic of indirect taxes.