Romania’s lower house of Parliament on Thursday adopted the country’s new tax code, which lowers the general value-added tax rate, eliminates extra excises and lowers taxes on dividends.
The bill was adopted with 279 votes in favor, eight against and five abstentions.
The tax code was adopted by the Senate earlier this week.
Under the new tax code, Romania will cut its value added tax rate from the current level of 24% to 20% as of January next year and further to 19% as of 2017. It also eliminates a tax on special constructions as of 2017, lowers taxes on dividends from 16% to 5%, and eliminates an extra charge on fuel excises.