Romania, as a new member state of European Union is interesting investmet opportunity for many different investors. Lets look on overview of basic taxes applied in Romania.
Tax overview
In order to increase investment attractivity of Romania, local government decided to significantly decrease basic tax rates. As a result, equal tax has been introduced in rate of 16 %.
As well as in other Central european countries, main taxes are income tax (for entities and physical persons), value added tax and consumption taxes.
(eg. tax deductible items in Romania are of course depreciation, but also advertisement expenses, etc.).
Wage taxes
Employer is obliged to pay 35 % from employees wage (employees pay 17 %).
Other taxes
As previous information are positive, other taxes (which are not directly connected to foreign investments) are significantly high. Interests on funds are taxed by 10 % (which is high as in many European counties is the tax very low).
Value added tax
VAT is in two basic rates, 19 & 9 % (lower rate is for cures, cultural events, etc.).
Other interesting information
Current average wage in Romania is about 140 EUR (but more than 60 % of Romania citizens does not achieve this level). Gross domestic product on citizen is 10 400 USD which could exclude Romania from Emerging market group, but I do think that it is correctly included in group of Emerging countries.
Increasing sectors in Romania
Increasing sectors in Romania are mostly services in tourism, food industry, wood industry, IT services and many other.
For additional information see:
www.tpb.traderom.ro - Bucurest business center providing good information about business in Romania
www.traderom.ro - Romanian center for business support
www.ccir.ro - Business and trade chamber in Romania
www.mfinante.ro - Romanian Ministry of finance
www.sri.ro - Romanian information services
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