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February 8, 2023

Finance Ministry won’t tax small farmers

The Public Finances Ministry will give up the proposal to tax all small agricultural producers and will work with the Agriculture Ministry in order to combat tax evasion in the agricultural sector, Finance Minister Gheorghe Ialomitianu stated yesterday during a press conference on the 2012 budget. The Finance Minister pointed out that the legislation remains unchanged in what concerns the taxation of revenues from selling or renting homes too. The Finance Ministry had published on its website a series of changes brought to the Fiscal Code. According to those changes, all small farmers would have paid a 16 per cent tax from their net revenues. Farmers that raise livestock and poultry, bee keepers and those engaged in silkworm farming without selling to processors, were exempt from taxation. Valeriu Tabara stated for Mediafax that the proposal cannot be applied because it would block internal production. Tabara pointed out he was not consulted in what concerns the changes proposed.

MFP borrowed RON 1 bln

The Public Finances Ministry (MFP) borrowed RON 1.06 bln on Monday by issuing 7-month certificates at an average return of 6.6 per cent, lower than the one seen during the previous operation when the MFP issued 9-month certificates, Mediafax informs.

The banks’ total demand was RON 2.45 bln, while the tender’s planned value was RON 1 bln. According to the dealers, the Treasury opted for this less than usual maturity in order to standardize the profile of its dates of payments.

For this month the MFP has scheduled tenders through which it seeks to borrow RON 4.5 bln, a level similar to the indicative level announced for November, a level that was nevertheless not attained. The next tender is scheduled on Thursday when the Treasury plans to reopen the two-year state bonds emission launched in October and to draw RON 700 M. Since the start of the year, the MFP borrowed RON 46.9 bln and EUR 1.401 bln by issuing state bonds.

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