Romanian Govt Eyes Extra Revenues Of RON855M In 2010 By Levying New Taxes

The Romanian Government estimates to obtain extra revenues of 855 million lei (EUR1=RON4.1838) to the state budget in the second half of 2010, by introducing new taxes, which are seen generating RON1.76 billion in 2011, RON1.65 billion in 2012 and RON1.3 billion in 2013.

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Revenue estimates were included in a draft emergency decree which introduces a series of taxes, by amending the Tax Code.

The highest extra revenues, namely, a total of RON2.2 billion, are estimated to be obtained from taxing meal vouchers. The Government estimates to obtain extra revenues of RON345 million in the second half of 2010, RON717 million in 2011, RON600 million in 2012 and RON570 million in 2013.

Other extra revenues of RON1.56 billion are estimated to be obtained from taxing interests for on-sight deposits, term deposits and current accounts, which will bring to the state budget RON217 million in 2010, RON440 million in 2011, RON450 million in 2012 and RON460 million in 2013.

By levying the 16% flat tax on stock market gains, the Government estimates to obtain total revenues of nearly RON1.1 billion, of which, RON145 million in 2010, RON300 million in 2011, RON320 million in 2012 and RON330 million in 2013.

Extra property taxes are estimated to generate revenues to the state budget of RON351.1 million, of which, RON45.9 million in 2010, RON95 million in 2011, RON100.7 million in 2012 and RON109.5 million in 2013.

Taxes on gift vouchers are estimates to bring total revenues of RON236 million, of which, RON45 million in 2010, RON95 million in 2011, RON55 million in 2012 and RON41 million in 2013.

Under the draft, computer programmers' income will also be taxed and extra revenues to the state budget are estimated to reach a total RON228.4 million, of which RON30 million in 2010, RON62.4 million in 2011, RON66 million in 2012 and RON70 million in 2013.

The quota of deductible expenses for the net income obtained from intellectual property will be reduced to half, at 20% of the gross income, from the current 40%, and revenues to the state budget are estimated at a total of RON81.5 million, of which, RON10.5 million in 2010, RON22 million in 2011, RON24 million in 2012 and RON25 million in 2013.

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