***FLASH REPORT***

Taxable monthly income   Tax on lower amount    Tax rate on bracket

         (ROL)                  (ROL)                     %

       0 - 10,400                 0                       5

  10,401 - 11,500               520                       8

  11,501 - 15,400               608                      14

  15,401 - 26,300             1,154                      17

  26,301 - 42,800             3,007                      18

  42,801 - 63,900             5,977                      19

  63,901 - 108,000            9,986                      20

 108,001 - 150,700           18,806                      21

 150,701 - 214,200           27,773                      22

 214,201 - 321,200           41,743                      25

 321,201 - 429,300           68,493                      28

 429,301 - 535,900           98,761                      32

 535,901 - 613,600          132,87336

613601 - 1,148,400          160,84540

1,148,401 - and up          374,76560

The tax free limit is ROL 96,300.

Contact Information

Further information can be obtained from:

Ron Barden
Price Waterhouse Romania
Union International Center
11 Campineanu Street
Sector 1, Bucharest
Romania

Tel No.: 40-1-311-2455
Fax No.: 40-1-312-3334

Disclaimer

The above information is a short summary of recently published information and is not intended to be advice on any particular matter. Price Waterhouse expressly disclaims any liability to any person in respect of anything done in reliance of the contents of this publication.

For further information on Taxation in Romania enter a text search 'Price Waterhouse' and 'Business Monitor'.