OUG on VAT raise to 24 pct, published by Official Gazette

The Emergency Ordinance on Fiscal Code modification, which also stipulates an increased Value Added Tax from 19 percent to 24 percent, starting July 1, was published by the Official Gazette.

This Emergency Ordinance provisions will be enforced starting July 1, even that the Law 571/2003 on the Fiscal Code stipulates at Art. IV, paragraph 2, that "every modification or completion brought to the present code is enacted starting with the first day of the year following the one when the change was adopted through law".

In order to enact it starting July 1, 2010 the new OUG provides a "derogation" from the aforementioned provisions. Under conditions in which OUG provisions are applied since July 1, 2010 the Ministry of Public Finance has to work out the methodological norms for OUG application within a 30-day deadline.

Agerpres