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Excise duties to be computed against RON 4.2655 to the euro in 2011

Excise duties in 2011 will be computed against an exchange rate of RON 4.2655 to the euro, as released on Friday by the Central European Bank (CEB), almost 0.08 percent lower that the 2010 reference rate of RON 4.2688 to the euro.

In 2010, excise duties were computed against a rate that was 14.2 percent higher than in the previous year, which put additional pressure on price increases for products subjected to such duties.

Excise duties are special consumption taxes levied on both domestic and imported products - beer, wine, fermented drinks, intermediary goods, ethylic alcohol, processed tobacco, energy products and electricity.

The exchange rate released by the ECB is different from the one posted by the National Bank of Romania (BNR), which of Friday posted a reference rate of RON 4.2672 to the euro.

Data with the Finance Ministry indicates that the Government's excise duty revenues advanced 11.7 percent in the first eight months of 2010, to RON 10.73 billion. The revenues increased as a result of an increase in the excise duties as from January 1, 2010, in the average exchange rate referenced for the computation of the 2010 duties and of a rise in the excise duty rates on certain products.

Sursa: http://www.actmedia.eu

Tags: excise duties euro computed against bnr