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It's not every day that a country changes its tax laws in the middle of a recession, but that's what's happening in Romania.
The country has been hit with a series of tax hikes since the end of last year as part of a drive by the government to cut its budget deficit to 3.9% of GDP by 2024, from 5.3% in 2016, reports the BBC.
The cuts have been especially hard on the country's small and medium-sized businesses, which were already struggling in a recession that saw unemployment at 14.5% in the first quarter of this year, the highest in Europe, per the International Business Times.
Among the changes: From Jan.
1, 2024, small and medium-sized businesses will have to pay 1% of their annual turnover in tax, up from the current 2%.
From Oct.
1, 2023, a shareholder or associate can hold more than 25% of a company's shares; until Dec.
31, 2026, the limit was holding over 25% of shares.
From July 1, 2024, companies in the most energy-producing sectors will have to pay 9% of their annual turnover in tax, up from 5%.
From July 1, 2024, companies in the most food-producing sectors will have to pay 9% of their annual turnover in tax,
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