Romania's finance minister says tax revenues should rise significantly under Resilience Plan

Romania's tax revenues as a share of GDP should increase by 1.5% to 2025, compared to 2019, under the National Resilience Plan (PNRR), and this is a target set for the next (the fourth) disbursement request expected by the European Commission (EC), Romanian finance minister Marcel Bolos announced, quoted by Economica.net. But there's no plan for this, he admitted.

The tax revenues to GDP ratio was 14.7% in 2019 and increased to 15.7% in 2023. This means that the ratio has to grow by another 1.5pp until 2025.

Finance minister Bolos also said that the government does not have, at this moment, a plan for the fiscal corrective measures that the country should implement in 2025 to meet the PNRR target and avoid fiscal slippage.

It's the European Commission that has to draft a fiscal consolidation trajectory for Romania and other countries with wide fiscal deficits, the minister said.

"The new economic governance regulation of the European Union has just been approved, and the European Commission is obliged to give us a new trajectory for adjusting the budget deficit since all the member countries of the European Union are facing the same type of problem (...)," Marcel Bolos told Digi24, according to Economica.net.

(Photo source: Inquam Photos/Sabin Cirstoveanu)