Minister of Finance: 'Flat tax could be 16 percent for firms only from 2015'
The flat tax will be maintained at 16 percent this year, but from 2015 it might be applied only to companies, with individuals returning to progressive taxation if the budget allows it, as a solution for fiscal loosening, stated the Finance Minister Ioana Petrescu on Antena3, quoted by Mediafax 2014-04-05 16:39:47 - From the Print Edition
"The flat tax will certainly be kept this year, because it is simple and has a beneficial effect on business," said Petrescu. "There has been talk about a differentiated quota, as well as about some lower rates for people on lower incomes."
The policy stipulates progressive levels of income tax, at 8 percent, 12 percent and 16 percent.
However, the Minister of Finance said that the fiscal relaxation designed for those on low incomes could not be applied unless it could be paid for elsewhere, because the law states that "if you take something from the budget, you must put something in its place."
"The fiscal relaxation would be for individuals, not for companies – the flat tax will be maintained for firms," added Petrescu.
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