Romania 8-Mo VAT Revenues Up 4.5% On Year After Tax Hike

Romanian budget revenues from the value added tax rose 4.5% on the year to 23.3 billion lei (EUR1=RON4.2648) in January to August, following a 5 percentage point increase in the VAT level enforced in July.

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VAT revenues as a share of the total budget revenue reached 21.9% end-August, the Finance Ministry said in a statement Wednesday.

The country reported overall budget revenues of RON106.2 billion in the first eight months of the year, equal to 20.8% of the gross domestic product. Total expenditure stood at RON127.16 billion, or 24.9% of GDP.

Romania posted a budget deficit of RON20.9 billion for the first eight months of the year, amounting to 4.09% of GDP.

The government estimates Romania's economy will decline by 1.7%-1.9% in 2010, from a growth of 1.3% initially predicted.

The budget gap is expected to narrow to 6.8% of GDP from 7.2% of GDP a year earlier.

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