The Senate yesterday approved with a tight vote the emergencyordinance that increases the VAT from 19 to 24% but things are farfrom settled, because the normative act has to pass through theChamber of Deputies, where the government has weak support as itdoes in the Senate. Economists believe the rejection of the VATraise and the return to 19% tax would only serve to worsen theperception of instability of the fiscal policy and make keeping theagreement with the IMF more uncertain.
The Budget-Finance Committee of the Senate had modified theemergency ordinance (OUG) 58/2010 on Monday night, rejecting theVAT hike from 19% to 24% and causing anxiety among ministers, manyof whom went to the Senate together with Premier Emil Boc.
The Committee had also approved an amendment of the PNL (NationalLiberal Party) and PSD (Social Democratic Party) opposition to cutVAT to 5% for staple foods.
Finance Minister Sebastian Vlădescu yesterday asked the senators toendorse the 24% VAT, that is vote Ordinance 58/2010 in force sinceJuly 1 without any amendments.
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