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Romania Tax Collecting, Soc Security Systems Need Improvement – IMF Official

Romania must improve its tax collecting system and rethink the social security sector, because it’s bleeding money and the existing framework program does not provide sufficient monitoring of the collected amounts, an official at the International Monetary Fund said Thursday.
Romania Tax Collecting, Soc Security Systems Need Improvement - IMF Official
28 ian. 2010, 12:51, English

„The tax collecting potential is huge. There is no need for tax increases, but only for a better job (at collecting taxes – e.n.),” Mihai Tanasescu, Romania’s representative to the IMF, said at an economic seminar.

Tanasescu added that the fiscal responsibility law should bring discipline and order to tax collecting.

As to the social securities, Romania must overhaul the entire system, Tanasescu said.

„We never can know whether the money (the contributions paid to the social security system) have been properly used and whether there were any effects,” he added.

Romania’s public revenue amounts to around 31%-32% of the gross domestic product, significantly lower than the EU average of 44%-45% of the GDP.