According to recent reports, Romania is planning to introduce a new reduced VAT rate of 5%. If adopted, the reduced rate would apply to books, newspapers, and magazines, and certain cultural services, including entrance tickets to museums, cultural events, movie theatres, sporting events, etc. The reduced rate would also apply to the sale of private residential property not exceeding RON 450,000.
Romania also recently reduced the VAT rate on foodstuffs from the standard 24% rate to the reduc…