The Romanian tax authority (ANAF) posted a 10.7 percent increase in tax revenues collected in July 2014, compared to the same month in 2013, to some EUR 3.93 billion.

ANAF also announced that collected revenues for July were 6.2 percent above the planned level.

Fiscal revenues from the profit tax of local companies were EUR 560 million, 7 percent higher compared to July 2013 and 12 percent above the planned level. The tax on revenues made by individuals generated more than EUR 455 million, 7 percent more than last year and 3 percent more than estimated for the period.

Net revenues from the VAT were more than EUR 1.06 billion, which is 4 percent more than in July 2013, but 0.8 percent less than budgeted for July 2014. Revenues from excises were EUR 497 million, up 9 percent y-o-y, ANAF reported.

This announcement comes after some analysts and parts of the Romanian media questioned the intention of the Government to increase spending for some ministries and to cut the social security tax paid by local companies by 5 percent, while budget revenues have been under estimates in the first six months of the year.

Consolidated budget revenues in the first six months of 2014 were EUR 22.6 billion, 2.9 percent higher than in the same period of 2013, but 4.3 percent under the planned level stated in Romania’s state budget for 2014. Fiscal revenues for the same period were EUR 13.7 billion, 3.7 percent higher year-on-year, but 1.5 percent under budget, according to the half year report posted by the Finance Ministry.

Andrei Chirileasa, andrei@romania-insider.com