FinMin Teodorovici: Tax Code to be completed in Parliament, needs OK from EC, IMF, WB

The Tax Code could be completed in the Parliament by the end of this month, but it won't be approved without the green light from the European Commission, the International Monetary Fund and the World Bank, Public Finances Minister Eugen Teodorovici said on Monday.

'It is very important that this Code is agreed by our international partners, to give it consistency and credibility,' said Teodorovici.

He also said he was expecting the July 14 meeting of the EU finance ministers to announce that Romania is once again in agreement with the International Monetary Fund, that it stands chances to successfully carry out this agreement and that it would end the year within the assumed budget deficit targets.

'Romania has the chance to have a Tax Code with several fiscal relaxation measures, an agreement with the IMF and a budget that observes the limits assumed at European level. Romania has a chance to demonstrate in Europe it is an economic force,' the finance minister added.

IMF mission in July depends on results of EC mission

A mission of the European Commission will begin on Tuesday an evaluation of the Romanian economy; its outcome is vital for the International Monetary Fund mission on July 15, Finance Minister Eugen Teodorovici told AGERPRES on Monday.

Romania's current agreement with the IMF ends in September.

According to the draft law on the Tax Code modification, the standard VAT rate will diminish from 24 to 20 percent from January 1, 2016 and to 18 percent starting with January 1, 2018; the tax on the special constructions will be eliminated as of 2016; the flat tax could decrease to 14 percent, from 16 percent, as of January 1, 2019; the tax rate for micro-enterprises without employees will be 3 percent of...