Romania cuts VAT rate on bread
The Romanian government has requested from the bail-out ‘Troika’ (the EU, ECB and IMF) that it be permitted to reduce the Value Added Tax rate on bread to 9%.
If permitted, the new rate will take affect from 1 July.
Romania VAT was raised to 24% in 2010 as its revenues fell amidst the worsening European economic situation.
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