Speaking at the seminar Mediafax Talks about Agriculture, Serban highlighted that applying reverse taxation on cereal will yield good results if the state observes the 30-day deadline to refund VAT.
The Romanian Government decided to apply reverse taxation on cereal and plants with industrial use for about two years staring June 1, 2011, after it received approval from the European Union.
According to the Finance Ministry, budget revenues from the tax will amount to 240 million lei (about EUR57 million) in 2011 and RON410 million in 2012.
(EUR1=RON4.2454)