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Romania Austerity PlanMay 2010 Romania presented its austerity plan aimed to reduce the public debt. The rescue plan includes slashing wages of the public sector by 25% and cutting of unemployment benefits and pensions by 15%. As expected the Romanian trade union rejected the rescue plan , while on the other hand the private sectors welcomed it,due to the cancellation of the previous planned increase of the VAT rate and the flat income tax rate. Romania hopes that the rescue plan will enable a quick transfer of the long awaited EUR 850 million loan by the IMF. Romania Tax Rates 2008April 2008 There are no significant changes in Romania's 2008 tax rates , compared to 2007. The corporate income tax rate and personal income tax rate for 2008 are flat at 16%. The standard VAT rate is 19% .There is also a reduced VAT rate of 9%. Romania Social SecurityAugust 2007 From 1.8.2007 employees in Romania would pay social security contribution according to their full gross salary. Before this amendment employees paid social security contributions up to a gross salary of 5 times the national gross salary in Romania. Romania TaxesJanuary 2007 In 2007 Romania's income tax rates for corporates and individuals remain the same as in 2006, a flat tax rate of 16%. Romania's standard VAT rate in 2007 too remains the same as in 2006, a VAT rate of 19%. |
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