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IMF Propose Tax Hike to Romania - Report

Date: 05.05.2010

Romania has a credit line of EUR 20 B, of which EUR 12 B come from IMF

The International Monetary Fund (IMF) had proposed an increase of VAT and the flat tax to Bulgaria's northern neighbor, Romania.

The information was reported Tuesday by the Bulgarian news agency BTA, citing Romanian newspaper publications, which, on their part, quote unnamed sources from the Romanian cabinet.

According to the reports, IMF have proposed to the country to up the Value Added Tax (VAT) from the current 19 to 24 % and the flat tax from 16 to 20 %, which would help Romania fit in the agreed fiscal frame in order to continue receiving IMF funds.

Romania has a credit line of EUR 20 B, of which EUR 12 B come from IMF.

The Romanian media further report IMF are unwavering and want the VAT increase NOW. An IMF mission is visiting Romania and will stay in the country until May 7.

Just recently the Romanian cabinet vowed to not touch VAT.

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