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Bucharest
February 26, 2021
BUSINESS

Romania to receive EUR 31.4 M after contribution to EU budget is revised

The European Commission has notified 19 EU member states, including Romania, that they will get back a part of their contributions to the EU budget for the 1995-2013 period, as a result of adjustments made following the introduction of the new ESA 2010 methodology for the assessment of member states’ gross domestic products.
The main beneficiaries will be France, who will receive a sum of approximately EUR 1 bln, followed by Germany (EUR 779 M), Poland (EUR 316 M), and Finland (EUR 180 M). On the other hand, 9 member states will have to pay extra contributions to the EU budget, as a result of the introduction of the new methodology. The biggest contributions would have to be paid by Great Britain (EUR 2.1 bln), followed by the Netherlands (EUR 642 M), and Italy (EUR 340 M). Even Cyprus and Greece, countries that have benefitted from international assistance, will have to pay an extra EUR 42 M and EUR 89 M respectively.
In Romania’s case, its contribution to the EU budget for the 1995-2013 period was revised downwards by EUR 106.5 M to EUR 75.1 M (RON 331.3 M). According to Financial Times, of the RON 331.3 M that Romania has to pay to the EU budget for the 1995-2013 period, approximately RON 9.5 M come from VAT revenues, while RON 328.1 M come from the gross national revenue. EU officials claim that these modifications reflect a change of accounting rules. Economies throughout the world are gradually introducing a new system of measuring the Gross Domestic Product, a system that also takes into account elements such as prostitution and drugs. A country’s contribution to the EU budget is calculated on the basis of its GDP.

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