The European Union Council has approved a request from Romania to increase the turnover threshold of companies that have to pay a Value Added Tax (VAT), from €35,000 to €50,000.
The measure was approved in early April 2012 and is valid until the end of 2014 or until the implementation of a new European directive. Romania made its intentions known to the International Monetary Fund and the European Commission.
The Finance Ministry is also planning to introduce a simplified taxation regime for companies with a turnover under the €50,000 threshold.
