Romania’s Govt Leaves 2009 Fiscal Code Almost Unch – FinMin

“We won’t amend the fiscal code because we aim for fiscal stability and higher revenues,” Vosganian said, adding the real challenge is to up revenues while cutting taxes.

The minister said budget revenues rose by a spectacular 14.1% of gross domestic product in the first four months of the year and confirmed the government’s revenue increase target of 35.9% of GDP by yearend.

Some of the planned changes to the Fiscal Code include a reduction in social contributions in 2008 to 39.5% from 49.5% and in dividend taxes for nonresidents to 10% from 16%.