Romania 2016 VAT changes

The Romanian Parliament has ratified the 2016 VAT Code, with new changes coming into effect on 1 January 2016.

VAT changes:

1. The standard VAT rate will be cut from 24% to 20% on 1 January 2016. There will be a further 1% cut to 19% in 2017
2. The widening of the domestic reverse charge mechanism to construction, precious metals, computer chips, gaming consuls, laptops, computer tablets, mobile phones and precious metals
3. Entrances fees to sporting, cultural events, cinema and theatres will be subject to the 5% VAT rate instead of 9%
4. Printed books, magazines and newspapers will be subject to the 5% rate