Value-added tax

Romania's political parties on Thursday agreed to cut the VAT rate from 24 to 20 per cent from January 1 next year and agreed a further cut to 19 per cent starting 2017.

The centre-left government of Victor Ponta has championed a package of tax cuts, saying it is needed to boost growth.

Members of Romania's parliament across parties agreed on Thursday to cut Value Added Tax (VAT) to 20% from next year, and to 19% from 2017.

VAT in Romania currently stands at 24%.

Aside from the tax cuts, the government led by Prime Minister Victor Ponta also plans to increase considerably the wages in the public sector from 2016.

Greece and its international lenders (EC, ECB, IMF and ESM) reached the 85-bln-euro bailout agreement to cover the next three years after 23 hours of talks that ran through the night on Tuesday.

Dozens of air travelers are refusing to show their boarding passes at airport shops in the UK after figuring out why they are being asked to show them. UK’s daily Independent revealed on Saturday that the information is used by stores to avoid paying VAT without passing on the discount to customers.

After a marathon meeting between the Greek negotiating team and its EU creditors,which lasted for 6 and a half hours and ended after midnight, a list of prior actions to be included in the Memorandum of Understanding (MoU) was reportedly agreed upon.

A much-anticipated “tax safari” has apparently commenced, with Greece’s two top holiday destinations — and suspected VAT tax evasion havens — serving as “hunting grounds” for tax inspectors.

Checks on the stunning island of Santorini turned up three undeclared cash registers, meaning that receipts were bogus.

Bulgarian fruit and vegetable producers are increasingly interested in expanding cooperation with hypermarkets after the adoption of amendments to the Competition Protection Act, according to Slavi Trifonov, Chair of the National Union of Gardeners.

Only 15% of the goods sold at hypermarkets in Bulgaria are domestically produced, according to the Bulgarian National Radio.

Greece is a nation that is ageing demographically. A problem facing most developed countries. This fact is compounding the crisis-stricken nation, with more people retiring and less moving into the workforce to make up for the necessary pension funds to cover the retirees.

Greek civil servants are expected to stage a 24-hour strike on Wednesday to protest the bailout agreement, which was reached between the government in Athens and the eurozone leaders on Monday.

Greece agreed to implement strict reforms in return for a third bailout from its international creditors.

Greece: Prior Actions

Policy Commitments and Actions to be taken in consultation with EC/ECB/IMF staff:

1. 2015 supplementary budget and 2016-19 MTFS[1]