President promulgates law on cutting down VAT quota to 5pct in trading electronic books

On Friday, President Klaus Iohannis promulgated the law that provides for the cut of the VAT rate down to 5% when selling books in electronic format, agerpres reports.

The normative act amends Article 291 (3) letter a) of Law 227/2015 on the Tax Code.

The enacted law provides for the extension of the scope of the reduced VAT rate to the sale of books in electronic format, in order to support reading.

"The reduced rate of 5% applies to the tax base for the following supplies of goods and services: delivery of textbooks, books, newspapers and magazines, in physical and/or electronic form, except for those that have, wholly or predominantly, video content or audio music content and those intended exclusively or mainly for advertising," stipulates the normative act.

The law will come into force on January 1, 2022.