1 July 2015
The plans to introduce a new reduced rate of VAT for cultural services, lower value houses and printed media have been approved by Romania's lower house of Parliament. As we noted last month, the new rate will be set at 5% and will apply to books, newspapers and magazines. It has also now been confirmed that it will apply to entry to museums, monuments, cultural events, cinemas, sporting events and also to the sale of some private dwellings, depending on the size and value of the property.
The Romanian Chamber of Deputies has now voted to reduce the VAT rate in Romania from 24% to 19%. This decrease will be implemented on 1 January 2016.