Romanian Fiscal Council Says Lower Flat Tax To Endanger Deficit Targets

Romanian parliament-appointed Fiscal Council Wednesday criticized the Senate’s decision to lower the flat tax rate to 10% from 16% currently, saying the measure would endanger the medium-term budget deficit targets.

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Additionally, the lawmakers failed to request the Council's opinion before casting a vote on the bill, thus violating the stipulations included in the Law on fiscal responsibility, the Council said.

Tuesday, the senators adopted a bill to lower the level of the flat tax levied on income to 10%, a move which stirred loud criticism from the government.

However, the bill is unlikely to pass the Chamber of Deputies, which is decisional chamber in the matter.

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