Financial

The national currency is leul. Starting with 1st of July 2005 the national currency was denominated through the cutting of 4 zeros. The banknotes of the new currency are of 1, 5, 10, 50, 100 and 500 lei. The subdivision of the leu will soon become available. The monetary emission will comprise the 1, 5, 10 and 50 coins.

The prices and the rates are listed in the new and old currency beginning with 1st of July 2005 till 30th of June 2006.The dollar and euro are the most wanted currencies and the easiest to change in Romania, and it is preferable to have some money in your country’s currency, in smaller bills. The foreign currencies can be changed only in banks and in authorized changing offices. Because the values can vary from a place to another it is wiser to check it in more places. Keep the receipts after changing the money, because they might be asked when paying in cash.

There are 36 taxes and fees in Romania, which represent almost 95 % of the total degree of taxation system. They are 11 direct taxes- on incomes, and indirect taxes, – 25 custom taxes, VTA . The current incomes are the fiscal and non- fiscal ones, and the fiscal ones, of which those 36 mentioned taxes, represent the 95% of the taxation system in Romania, reckoned as a report between their value and the Internal Gross Product. In Romania, the VTA is of 24%.

Advice: a good advice is to always have with you some available cash to make the different payments; some shops accept sometimes the payments in euros or dollars, but the exchange rate won’t be the best; it is more likely to pay with the local currency, leu, for souvenirs and in restaurants, taxi, shops, etc.