Romania Fin Ministry Rebuked Over Insufficient Data In Fiscal Strategy

Romania’s Fiscal Council Friday criticized the Finance Ministry for its lack of details regarding the revenue forecasts included in the 2011-2013 fiscal strategy and recommended the ministry present the macroeconomic fundamentals considered for each revenue category.

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"The Fiscal Council also recommends more clarity regarding the value added tax level and the excise duties included in the strategy," the Council said in an opinion on the 2011-2013 fiscal strategy.

According to the government-approved strategy, Romania's flat tax will remain unchanged at 16% until 2013. However, the document doesn't specify whether the VAT level will be kept at 24%. The VAT rate was raised by 5 percentage points

"The Council would also welcome additional data regarding a series of expenditure categories, such as clear resources for cutting subsidies costs or exact information on the number of employees and the average wages in the public sector which are used to argue the "personnel expenditure" chapter included in the 2011-2013 strategy," the Council added.

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