Firstly, in light of rising fuel prices, it is proposed that excise duty rates on diesel fuel be increased at a slower pace. In this context, it is worth noting that Prime Minister Vasile Tofan, speaking in Parliament, previously suggested a reduction in VAT and excise duty rates.
Another proposal relating to energy prices concerns an increase in the consumption limits for natural gas subject to the 8 per cent VAT rate, from 150 m³ to 250 m³ per month, as well as VAT-exempt electricity with the right to deduct input VAT, from 100 kWh to 200 kWh.
Secondly, the most common proposals relate to tax rates. For instance, it is proposed to maintain the capital gains tax rate at 6 per cent. It should be noted that, according to the draft bill, the Ministry of Finance proposes to double this rate to 12 per cent from next year.
The proposal to maintain the VAT rate at 8 per cent for livestock products in kind (live weight), as well as for crop and horticultural produce, was raised repeatedly during public consultations, and it is only natural that it has found its way into the amendments tabled by MPs. The draft bill proposes raising the VAT rate to 12 per cent.
There is a proposal to increase the income tax rate to 24 per cent for legal entities carrying out financial and insurance activities as defined in Section K of the CAEM.
Another proposal concerns the Law on Cash Payments. Members of Parliament are once again proposing to relax its provisions.
They are also proposing to increase the tax-free allowance for dependants from 9,900 to 15,000 lei and the personal tax-free allowance for people with disabilities from 34,620 lei to 45,000 lei.
This story was translated with the assistance of artificial intelligence.The translation was also reviewed by the Logos Press editorial team.
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