Romania's Tax Agency ups collection 7% year-on-year

Romania’s Tax Agency has collected some RON 35.7 billion (EUR 8 billion) worth of revenues since the beginning of the year, up by 7% compared to the period January 1- March 16, 2015. The budget revenue collection amounted to some EUR 5.4 billion, up 9% year-on-year. The revenues from the tax on profit reached over EUR 189 million, up by 32% compared to the same period in 2015. The authorities also collected more money from the tax on individual income, some EUR 1 billion, up by 3% compared to 2015. The VAT collection totaled EUR 2.3 billion, down 0.24% compared to the same period last year. The state cut the VAT rate from 24% to 20% starting January 2016. However, according to the official budget projections for this year, the state should collect some RON 56.2 billion (EUR 12.5 bln) in the first quarter of this year, which means that in the next two weeks ANAF should collect EUR 4.5 billion. editor@romania-insider.com