The European Commission and Romanian authorities have failed to reach an agreement on the Fiscal Code, but it would make a decision at the upcoming meeting of the EU’s Finance Ministers of July 14, regarding the status of the financial agreement with Romania, reports RRI.
Additionally, the IMF will cancel its assessment mission to Romania for next month, given that the Commission will already have presented its conclusions, Finance Minister Eugen Teodorovici announced on Thursday on public radio RRA.
According to the Romanian official, the European Commission is concerned regarding the impact of the new fiscal code on the budget as of next year. The new Fiscal and Fiscal Procedure Codes are to come into effect on January 1, 2016.
Among the main provisions is the VAT cut from 24 to 19%, slashing the tax on special constructions as well as the excise duty on fuel.
Additionally the authorities want to eliminate the 16% tax on dividends.
Minister Teodorovici said that Romania stands by its financial commitments, especially regarding structural reforms.
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