The European Commission decided on Friday to open an infringement procedure by sending a letter of formal notice to Romania, Belgium, Bulgaria, Greece, Spain, Lithuania and Portugal for failing to communicate to the Community Executive the measures for the full transposition of EU Directive 2022/542 regarding value added tax rates. EU member states had to communicate the full transposition of the Directive into national law by 31 December 2024, the EC press release also said. The directive allows for a wider use of reduced rates, including zero rates for essential products such as food, pharmaceuticals or those used for medical purposes. “Member States may exempt supplies of goods and services carried out within their territory by taxable persons who are established in that territory and whose annual turnover at Member State level, relating to those supplies of goods and/or services, does not exceed the threshold set by those Member States for the application of this exemption. That threshold may not exceed EUR 85,000 or the equivalent in national currency. Member States may set different thresholds for different economic sectors, based on objective criteria. However, none of these thresholds may exceed the threshold of EUR 85,000 or the equivalent in national currency,” according to the directive. The European Commission has therefore decided to send a letter of formal notice to the eight EU Member States to complete the transposition and notify their measures to the Community Executive. The mentioned States now have two months to respond to the EC’s requests. In the absence of a satisfactory response, the European Commission could decide to issue a reasoned opinion.
Romanians celebrate Saint Nicholas (Sfântul Nicolae) on December 6, a tradition that has grown far beyond its religious roots and signals the official start of the holiday season. The day is especially beloved by children, who eagerly prepare their freshly polished boots in hopes of finding small gifts in the morning. Many Romanians also celebrate […]
The newest episode of Voices of Romania, Romania Insider’s interview series, is now available on Spotify, YouTube, Apple Podcasts, Deezer, and all...
ASFAT, a wholly state-owned company operating under Türkiye’s Ministry of National Defence (MoND), has signed an agreement for the delivery of the light corvette Akhisar to the Romanian Naval Forces. This transaction represents a milestone for Türkiye’s defence industry, as it is the first international sale of a combat ship built in Türkiye to a […]
Wind projects with a total capacity of almost 316 MW have been declared winners in the third auction under the Contracts for Difference (CfD) scheme, above the minimum threshold set by the Ministry of Energy, according to sources quoted by Economica.net. The third auction was organised because of insufficient projects approved under...
Fitch Ratings has affirmed the long-term Issuer Default Rating (IDR) of Romania-based, state-owned bank CEC Bank at BB/stable, its Viability Rating (VR) at bb, and Government Support Rating (GSR) at b, based on the bank's moderate, albeit strengthening, business profile, adequate capitalisation, and reasonable funding and liquidity. This puts the Romanian bank's rating two notches […]
Romania's Ministry of Transport blocked a key procedural step required for the listing of Bucharest Airports Company on the Stock Exchange (BVB) after opposing an item on the shareholders' agenda concerning the resumption of the auditor selection process. The vote took place at the end of November, following a request by Fondul Proprietatea, which holds […]
