Valcov said he hopes the Tax Code Draft would be adopted by the Parliament without fundamental amendments by the end of May or the beginning of June.
The Finance Minister said that the fiscal relaxation measures established for the next five years take into account Romania’s track over the next 12 years, targeting to exceed EU’s average level as regards GDP per capita.
The fiscal relaxation measures in the new Tax Code Draft will diminish budget receipts by over RON37 billion in four years, but half of the sum will be recovered from the positive effects over economy, according to government estimations.
According to the new Tax Code Draft, the government plans to lower the value added tax on food items such as meat, fish, fruits and vegetables, to cut the flat tax rate, to lower excise duties on fuel and alcohol and remove crude oil locally produced, coffee, jewels, furs and cars from the category of products subject to excise duties, and to scrap tax on special constructions, among others.