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| BUDGET ADJUSTMENTS 13/04/2009 |
| (2009-04-13) |
| Last updated: 2009-04-14 15:57 EET |
Prime Minister Emil Boc has said these measures are aimed at relaunching the economy and the loaning system, at maintaining jobs and creating new ones. According to Boc, the flat tax, the VAT and the social security taxes remain unchanged. PM Emil Boc:
“The most important taxes and fees remain unchanged. In the coming period we intend to lift the tax on reinvested profit and to reduce the overall number of taxes, fees and tariffs. The lump-sum tax is aimed at containing and fighting tax evasion.”
All ministries will have to downsize their budgets, with the exception of the Labour Ministry, which has got an 80 million lei addition to the initial budget, earmarked for the unemployment fund and for the retraining of the labour force. The Prime Minister has given assurances that neither pensions, nor state employees’ salaries will be affected and that public sector employees will not be laid off. Still, the Government has limited a number of bonuses, such as the one for leadership and the one for foreign languages spoken by employees at work. The minimum welfare pension has remained unchanged, pensions will grow in two stages by up to 5 percent, and pensioners with incomes below 6 million lei (which is about 150 Euro) will get subsidized medicine. One important measure taekn by the government is the introduction of the lump sum tax for companies, which will range from 500 to 10 thousand Euro per year, depending on the company’s revenue.
According to the Finance Minister Gheorghe Pogea, it is estimated that the new tax will bring to the state budget some 85 million Euro in the May - December 2009 taxation period. Along with the passing of the new ordinance, the Government made a budget adjustment, according to which the budget deficit went up from 2 to 4.6%, based on a negative economic growth estimate of 4%. As for the new budget projection, it is estimated that total revenues will stand at 147 billion lei ( approximately 43 billion Euro), less than previously estimated, given that industrial production, exports and orders have dropped significantly. Finance Minister Gheorghe Pogea:
“With this budget adjustment we tried to maintain the largest share of investment expenditure. The volume of such investment accounts for 19 - 20% of the total expenses, which is 7% of the GDP. We have covered social security as well, because in times of economic crisis, the number of the unemployed is on the rise”.
Romania has concluded with the IMF a 2 year stand by agreement under which Romania will get a 12.9 billion Euro loan, part of a large foreign funding package granted by the EU, the World Bank and the EBRD, worth 20 billion Euro.
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