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ANTI-CRISIS MEASURES 15/04/2009
(2009-04-15)
Last updated: 2009-04-16 13:38 EET Print
Romania’s prime minister Emil Boc has asked Parliament to pass, as soon as possible, the government’s emergency ordinance which, besides the measures needed to implement the agreement with the International Monetary Fund, also provides for a first budget amendment. He explained that signing the agreement with the Fund depends on the Romanian authorities’ meeting the four commitments they have taken, namely: amending the budget, passing the law on a single salary scale in the budget system, introducing fiscal responsibility, and the reform of the pension system. The state budget has thus been modified to take into account an average exchange rate of 4.3 lei against the euro compared to the initial 4 lei against the euro, an average inflation rate of 5.8%, a 15% drop in exports and a 25% drop in imports, while the budget deficit has been increased from 2 to 4.6%. The finance minister Gheorghe Pogea has explained that the budget amendment is justified by a worsening of the macroeconomic situation: budget revenues dropped in the first 3 months of the year by more than 6% as compared to the same period last year, expenditures have increased by over 14%, while the industrial output has decreased by 14%. Pogea has also announced measures to reduce the fiscal burden, with 179 taxes and fees, including the profit tax, being cancelled or merged. The minister gave several reasons for the reduction of the budget revenues. The decrease in the turnover of companies is apparently the main cause for the reduction of revenues the state was counting on. Revenues from the profit tax also decreased as a result of a drop in the performance of many companies as a result of the depreciation of the leu and financial losses. VAT revenues also decreased as a result of lower consumption, which best reflects the crisis situation, said minister Pogea. The newly introduced lump-sum tax for commercial companies, however, has been harshly criticised by the Liberal Party in opposition and by employers’ associations.

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