The standard rate of VAT in Romania is reduced from 20% to 19% since the beginning of this year. VAT on food and non-alcoholic beverages remains 9%. VAT for print media remains 5%. The super excise is removed on fuels and tax on special constructions.
For now the minimum wage in Romania remains unchanged at 275 euros a month. This was announced by the Romanian Government on 29 December 2016. Its increase will be work on the new cabinet. It is expected that from 1 February this year the minimum wage to increase by 200 lei and become € 321.
For comparison, in Bulgaria the increase in the minimum wage is 40 lev, i.e. a total of € 235. The minimum working hour rate is set at 1.42 euro. The minimum insurance thresholds remain at their old levels with the exception of those that are equal to the minimum wage.
The pension contributions is increased by 1 percentage point for all categories of labor and now it is 18.8% for those born before 1960 and 13.8% for those born after 1959. Women will retire at the age of 61 and 35 years and 2 months internship and men – at the age of 64 years and length of service of 38 years and 4 months. The minimum amount of the retirement pension and age became 83 euro.
Since 2017 there is a new relief in Bulgaria – if all income from employment contract is obtained by bank transfer and 80% of them is also spend by bank transfer, it will save 1% of the tax due but not more than 255 euros.
Copyright БРТПП Българо-румънска търговско промишлена палата 2017