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    BUCHAREST, (23 nov 2010)

    Romanian Senate Adopts Bill Setting Flat Tax At 10%

    Romania’s Senate adopted Tuesday with 45 to 31 votes and eight abstentions a draft law drawn up by ruling democrat liberals, which reduces the flat tax to 10%, from 16%.

    Romanian Senate Adopts Bill Setting Flat Tax At 10%

    Democrat liberals' proposition aims to amend an article of the Tax Code and sets at 10% the flat tax on salaries, pensions, investments, awards and revenues gained from independent activities. The amendment makes no reference to the tax on profit.

    Economy Minister Ion Ariton is among the initiators of the draft act, which received opposition lawmakers' support.

    Democrat liberal senator Iulian Urban said lowering the flat tax to 10% will both increase budget revenues and generate economic growth.

    The Finance Ministry said the Government does not uphold the draft law, citing a negative impact on the state budget, of about 1% of the gross domestic product.

    The draft act will become law if the Chamber of Deputies, which has the final say on the matter, also adopts it.



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