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Iulian Ernst
Senior Editor

Iulian studied physics at the University of Bucharest, and he sees himself as a physicist in the broadest sense of the word. He also studied economics at Charles University in Prague and Central European University in Budapest, after a master’s program in business administration at Bucharest Academy of Economic Studies. Since recently, he’s been exploring coding and data analysis for business and economics. As a freelancer, he worked for nearly two decades as an analyst for ISI Emerging Markets, Euromonitor International, Business New Europe, but also as a consultant for OMV Petrom and UkrAgroConsult. Iulian was part of the founding team of Ziarul Financiar. At Romania Insider, which he joined in 2018, he is reviewing the latest economic developments for the premium bulletins and newsletters. He would gladly discuss topics such as macroeconomics, emerging markets, Prague, energy sector including renewable, Led Zeppelin, financial services, as well as tech start-ups and innovative technologies. Email him at [email protected] 

 

Romanian FinMin assures no VAT hike planned by end of 2021

Romanian finance minister Florin Citu assured that the Government would not increase the VAT rate this year or next year.

The Government has resources to finance the budget deficit this year and has already identified resources for next year's deficit, Citu explained, according to Wall-street.ro.

It is not a good time to increase the taxes (since this would be a pro-cyclical policy), and the Liberal party believes in low taxes paid equally by everybody, the Romanian finance minister argued.

The statement came in response to the chief economist of ING Bank Romania saying that the Government might pursue a major budgetary correction after the elections, with higher taxes, and the VAT rate would be the most likely to rise in such a scenario.

"[T]here is still limited political visibility beyond the December elections, especially on the fiscal side, where we believe that a budget correction through a tax reform cannot be ruled out (a VAT increase is our main suspect)," the ING Bank economist said, Economica.net reported.

[email protected]

(Photo source: Gov.ro)

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Profile picture for user iuliane
Iulian Ernst
Senior Editor

Iulian studied physics at the University of Bucharest, and he sees himself as a physicist in the broadest sense of the word. He also studied economics at Charles University in Prague and Central European University in Budapest, after a master’s program in business administration at Bucharest Academy of Economic Studies. Since recently, he’s been exploring coding and data analysis for business and economics. As a freelancer, he worked for nearly two decades as an analyst for ISI Emerging Markets, Euromonitor International, Business New Europe, but also as a consultant for OMV Petrom and UkrAgroConsult. Iulian was part of the founding team of Ziarul Financiar. At Romania Insider, which he joined in 2018, he is reviewing the latest economic developments for the premium bulletins and newsletters. He would gladly discuss topics such as macroeconomics, emerging markets, Prague, energy sector including renewable, Led Zeppelin, financial services, as well as tech start-ups and innovative technologies. Email him at [email protected] 

 

Romanian FinMin assures no VAT hike planned by end of 2021

Romanian finance minister Florin Citu assured that the Government would not increase the VAT rate this year or next year.

The Government has resources to finance the budget deficit this year and has already identified resources for next year's deficit, Citu explained, according to Wall-street.ro.

It is not a good time to increase the taxes (since this would be a pro-cyclical policy), and the Liberal party believes in low taxes paid equally by everybody, the Romanian finance minister argued.

The statement came in response to the chief economist of ING Bank Romania saying that the Government might pursue a major budgetary correction after the elections, with higher taxes, and the VAT rate would be the most likely to rise in such a scenario.

"[T]here is still limited political visibility beyond the December elections, especially on the fiscal side, where we believe that a budget correction through a tax reform cannot be ruled out (a VAT increase is our main suspect)," the ING Bank economist said, Economica.net reported.

[email protected]

(Photo source: Gov.ro)

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