He mentioned the minimum tax prompted the effects estimated. Boc also said the Executive will keep the flat tax at 16 percent as the previous experiences showed progressive taxing does not pave the way to higher revenues at the state budget.
“As pensions can no longer be cut by 15 percent following CCR’s decision and the recalculation will only include nine or ten thousands of pensions, the government has to come up with another way to get about 1 billion euros,” said the same sources, adding the increase of VAT, to 24 percent most probably, is ...
Isărescu added that solid economic balance must be reestablished, not only in financial terms. “In 1990, there were over 10 million tax-paying employees, and less than 1 mln civil servants. Now there are less than 5 mln workers and 1.5 mln civil servants.
A cut in taxes as of 2011 would have an anti-cyclical nature, given that the economy is expected to resume growth by that time. “I believe that the macroeconomic policy mix is rather balanced, and that there is no room left for improvement here. In essence, the state must intervene only anti-cyclically, because the market ...
Budget revenues would rise by 0.2 percent of gross domestic product (GDP) for every point of VAT increase, according to calculations by the Ministry of Public Finance for the 2010 budget. Thus, raising VAT to 21 percent would generate higher revenues by some €0.5 billion. Minister of Finance Gheorghe Pogea said that a possible increase ...
Q: How badly does Romania need to raise taxes? The Romanian government certainly has got to face the issue of whether or not to raise taxes sooner rather than later. The government in Romania has to make a decision on taxes and raising the rates quickly. Ideally, the new rates would be in place effective ...
“The tax is paid at the office of the notary public, at the time documents for the transfer of property are signed, and the amount is deposited by notaries directly to the financial administration. In order to limit the risks of tax evasion and to force sellers to declare the real amounts, the state decided ...
The report warns that such a measure would have a negative impact on consumption expenses, and that staff downsizing in the public sector continues to be necessary. Minister of Public Finance Gheorghe Pogea, said that, “considering the current macroeconomic framework and forecasts by the National Prognosis Commission for 2010, MFP [Finance Ministry] is considering maintaining ...
For a new luxury car costing over €100,000 the tax can be equal to the price of a small import or the most expensive Dacia Logan. Top taxes were paid for the Ferrari, Mercedes-Benz, Bentley, and Maybach. Factors that decisively influence the tax for a new car are not its cost or engine power, but ...
Countries that have proven to be much more attractive for investors are Bulgaria (44), Azerbaijan (38) and Botswana (45). Although it dropped ten places, Romania is still ahead of several countries, such as Spain (62), Luxembourg (64), Poland (72), and the Czech Republic (74). Singapore remains the easiest country in which to do business, while ...