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Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at [email protected] 

 

Tax revenues in Romania shrink by one third in October

Romania's tax revenues contracted by nearly 10% year-on-year in January-October, to RON 116.6 billion (EUR 23.9 bln), according to Economica.net quoting data from the tax collection agency ANAF.

The Finance Ministry will announce the budget execution for the first ten months of the year later this week.

The data published by ANAF indicate a significant 33% plunge in tax revenues in October, to RON 11.6 bln (EUR 2.38 bln).

While the drop might seem impressive, a direct year-on-year comparison might not be entirely relevant this year, especially for short periods (one month).

Furthermore, the tax revenues account for only half of the total budget revenues (47.2%, in January- September), while other significant sources of revenues to the general government budget are the social security contributions (some 36% of the total revenues, in January - September).

The tax revenues naturally contracted this year (down 5.6% in the first nine months), mostly as the companies were allowed to defer their dues to budget.

Meanwhile, the social security contributions performed much better and remained steady in the first three quarters of the year compared to the same period in 2019.

The transfers from the European Union's budget are the third major source of financing for the general government budget.

They increased robustly by 37% yoy in January-September - but the increase accounted for only 0.4% of GDP compared to a public deficit of 6.4% of GDP - nearly 4% of GDP more than in the same period last year.

Specifically, the transfers from the EU budget in January - September rose to 1.4% of the year's projected GDP, out of total budget revenues of 21.5% of the year's GDP.

(Photo: Shutterstock)

[email protected]

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Profile picture for user andreich
Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at [email protected] 

 

Tax revenues in Romania shrink by one third in October

Romania's tax revenues contracted by nearly 10% year-on-year in January-October, to RON 116.6 billion (EUR 23.9 bln), according to Economica.net quoting data from the tax collection agency ANAF.

The Finance Ministry will announce the budget execution for the first ten months of the year later this week.

The data published by ANAF indicate a significant 33% plunge in tax revenues in October, to RON 11.6 bln (EUR 2.38 bln).

While the drop might seem impressive, a direct year-on-year comparison might not be entirely relevant this year, especially for short periods (one month).

Furthermore, the tax revenues account for only half of the total budget revenues (47.2%, in January- September), while other significant sources of revenues to the general government budget are the social security contributions (some 36% of the total revenues, in January - September).

The tax revenues naturally contracted this year (down 5.6% in the first nine months), mostly as the companies were allowed to defer their dues to budget.

Meanwhile, the social security contributions performed much better and remained steady in the first three quarters of the year compared to the same period in 2019.

The transfers from the European Union's budget are the third major source of financing for the general government budget.

They increased robustly by 37% yoy in January-September - but the increase accounted for only 0.4% of GDP compared to a public deficit of 6.4% of GDP - nearly 4% of GDP more than in the same period last year.

Specifically, the transfers from the EU budget in January - September rose to 1.4% of the year's projected GDP, out of total budget revenues of 21.5% of the year's GDP.

(Photo: Shutterstock)

[email protected]

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