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The exemption from VAT payment regards the operations having social character such as theones regarding the health care services, the teaching service provided by professors as extraactivity etc., but also the banking financial services; assurance and reassurance; leasing, rentingimmobile goods with specific exceptions; the imports and the acquisitions within theCommunity referring to goods delivered in Romania in certain cases; international transport ofpeople etc.The value added tax deduction shall include data regarding the acquisition of goods andservices, from which a deductible value added tax shall result, as well as data regarding thecommercialization of goods and services, from which a collected added value tax shall result.The difference between these two value added taxes shall indicate if the payer has to pay thevalue added tax or if he has to recuperate it.The information which was inserted incorrectly in the tax deduction can be corrected by meansof the deduction of a future fiscal period and shall be registered with the regularizations.7. The excisesAccording to the Romanian legislation, the excises are special taxes for consume, which areowed to the state budget for the following products coming from internal production or fromthe import:• beer;• wines;• fermented beverages, other than beer and wines;• intermediary products;• ethylic alcohol;• processed tobacco ;• energy products;• electric energy.Based on the monthly statement of the economic operator, excise payer, a quota shall beapplied by the competent fiscal authority. The quota taxes can be found in Annex 1 and 2 fromthe Fiscal Code.8. The local taxesAccording to the provisions the Fiscal Code, the local taxes and fees are:• taxes on buildings;• land tax;• taxes for transport;• taxes for issuing the certificates, approvals and authorizations;• taxes for advertising and publicity;• taxes for performances;• hotel tax;• special taxes;12