New fiscal modification over income tax and tax exemption

Finance Minister Natalia Gavriliţa has announced in a press conference to annul some exemption starting on January 1, 2020. 

"We eliminate the rule that people with annual income up to 500,000 lei are exempt from paying taxes. We set up new standard: 360,000 lei. People with monthly income of 20,000 lei no longer benefit from personal exemption", said Minister Gavriliţa. 

Moreover, Gavriliţa ensure 12% income tax remains unchanged. 

Besides, Finance Minister Natalia Gavriliţa announced to cancel VAT reduced rates (10%) for HoReCa industry (Hotel/Restaurant/Cafe) given fiscal policy was mentioned in International Monetary agreement. The declaration was made within a press conference. 

"We will make decisions to extend the tax bases, capital bases. We also increase the environmental tax up to 50%", added Gavriliţa.



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