Excise duty rate will increase by 0.8 percent in 2012
The excise duty in lei for 2012 is calculated depending on the exchange rate announced by the European Central Bank for the first working day of October, namely, 4.3001 lei to 1 euro.
Articol de Răzvan Stancu, 04 Octombrie 2011, 10:43
In 2012 the excise duty rates will be calculated at an exchange rate of 4.3001 lei to 1 euro, according to the announcement made by the European Central bank on Monday.
The exchange rate is 0.8 percent higher than the one in 2011, namely, 4.2655 lei to 1 euro.
The level of the excise duty in lei is established according to the Tax Code, by exchanging sums in euro depending on the exchange rate announced by the European Central Bank for the first working day of October of the previous year.
On 1 October 2010 the exchange rate was only 0.07 percent smaller than the one used in the calculation of the excise duty last year.
The revenue collected from excise duties that went to the strengthened general budget was higher in the first eight months with 16.2 percent to 12.46 billion lei.
The share of excise duties in total revenue is over 10 percent.
At present, excise duties are collected on alcohol and alcoholic beverages, manufactured tobacco, coffee and energy products.
The Government is expecting to collect excise duty revenue of 21.75 billion lei, 8 percent higher than the estimations in 2011 for 2012.
At this level, the increase in the exchange rate is equal to the additional revenues of about 75 million lei added to the budget.
