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Romanian Parliament Endorses ’09 Budget Revision

The Romanian Parliament approved Tuesday the emergency ordinance on the 2009 budget revision, which is based on a 4% economic contraction and a deficit target of 4.6% of the gross domestic product.
Romanian Parliament Endorses '09 Budget Revision
28 apr. 2009, 14:49, English

Compared with the initial version of the 2009 budget, the ordinance cuts budget revenues by 18.8 billion lei (EUR1=RON4.2290) and the budget spending by RON6.2 billion.

The budget revision also introduces the minimum tax based on companies’ annual revenues and other fiscal measures.

The revision was needed to include the measures agreed in March with the International Monetary Fund as part of a EUR19.95 billion financial package that includes loans from the IMF, the European Commission and other international institutions.