Romania August Tax Revenue Up 17% On Year To RON11B

The government raised the sales tax level by five percentage points to 24% in July , in a move to boost revenues.

ANAF said revenues from the sales tax reached RON3.63 billion in August, 9.35% higher than initially estimated and nearly 47% above the amount collected in August last year.

Total revenues from the tax on profit stood at RON316.7 million in August, while the cash from income and salaries reached RON1.3 billion. Excise duties brought the state additional RON1.4 billion.

In the January-August period, ANAF collected total taxes and dues worth RON90.4 billion, slightly above the targeted amount.

End-July, Romania’s budget deficit stood at RON20 billion, amounting to 3.9% of the gross domestic product.

Romania and the International Monetary Fund agreed to a budget deficit target of 6.8% of the gross domestic product for 2010, higher from an initial cap of 5.9% of GDP.