Romania’s fiscal revenues go down in the first quarter

The state’s fiscal revenues, which come from taxes and dues, went down by 1.5% in the first quarter of this year compared to the same period of 2017, according to official data from the Finance Ministry. The last time this happened was in 2010 when the local economy was still in crisis. The tax agency ANAF collected 15% lower revenues from the individual income tax in the first quarter, after the tax rate went down from 16% to 10% starting January. The revenues from the tax on corporate profits also reduced by 3.3%. Meanwhile, the VAT revenues only increased by 2.2% despite the fast growth in consumption. However, the state’s consolidated budget revenues went up by 11.5% in the first quarter versus the same period of 2017 due to the 31% increase in social contributions. The state’s expenses went up by 22.1%. The budget deficit stood at 0.48% of the GDP in the first quarter. editor@romania-insider.com