Romania’s National Fiscal Administration Agency – ANAF collected some EUR 11.2 billion worth of revenues to the state’s consolidated budget, 7% more than the level estimated in the budget projection for this year.

The revenues were also 6% higher compared to those recorded in the same period of 2015, ANAF announced in a press release.

The VAT revenues were EUR 3.21 billion, 10% over the programmed level and 1.7% lower compared to the revenues registered in the first three months of 2015. The drop in VAT revenues was due to the two VAT rate cuts in the past 12 months.

ANAF also recorded revenues from the tax on company profits worth some EUR 885 million, 19% higher than expected and 26% higher than in Q1 2015. The revenues from the tax on individual income were EUR 1.48 billion, slightly more than in the first three months of 2015.

The excise taxes collected were 8% higher compared to last year, at some EUR 1.4 billion. The healthcare contributions collected were 4% higher than last year, at EUR 1.2 billion, but were 2% under the estimated level for the first quarter of this year.

The social insurance contributions were also slightly higher (1%) compared to Q1 2014, but 7% under the programmed level, at EUR 2 billion. The lower than programmed social contributions were also due to an increase level of contributions to the private pension funds, according to ANAF.

editor@romania-insider.com