The standard deduction may be higher than the basic standard deduction if any of the following conditions are met: 1  The taxpayer is 65 years of age or older; 2  The taxpayer's spouse is 65 years of age or older;
Romania's political framework is a semi-presidential, representative democratic republic where the prime minister is the head of government and the president is the head of state. Executive power is exercised by the president of the republic and the government. Romania has a multi-party system, with legislative power vested in the government and the two chambers of parliament: the Chamber of Deputies and the Senate. The judiciary is independent of the executive and the legislature.
The Leu (plural = Lei) is the foreign money of Romania. Leu literally means âlionâ in English. It is partitioned into one hundred bani (singular = ban). Romania joined the European Union in January 2007, however the Leu continues to be used as the official currency. The Euro is expected to be adopted as the official currency of Romania in 2015. Romania is the 11th largest economy in the European Union (8th largest based on Purchasing Power Parity).