The Chamber of Deputies has approved on 25 June 2015 the Fiscal Code and the Fiscal Procedure Code. The new Fiscal Code includes measures important to the economy, the most important being the reduction of VAT to 19%, as Romania moves from having one of the highest VAT rates in Europe to having one of the lowest.
In addition to the proposal to reduce the standard VAT rate, the withholding tax rate is reduced to 5% with effect from 1 January 2016 (instead of 0% as initially proposed).
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