Romania's Fiscal Council rejects changes to Fiscal Code

Romania’s Fiscal Council does not agree with the proposal to change the Fiscal Code. The consultative body has warned that the tax cuts would lead to major deviations from the medium-term budgetary targets, with actual deficits above 3% by 2019.The structural deficit will then reach the 2010 level. The new Fiscal Code would lead to an actual deficit of 2.7% of the GDP in 2017, 3.5% in 2018 and 3.7% in 2019. The organization estimates the fiscal measures would trigger a deficit increase of EUR 3.3 billion in 2016, EUR 2.9 billion in 2017, EUR 5.1 billion in 2018 and EUR 6.3 billion in 2019. editor@romania-insider.com