ECONOMY FINANCE&BANKING

ANAF has brought more money to the budget, but has collected less VAT

The budgetary incomes collected by the National Agency for Fiscal Administration (ANAF) in the first 4 months of the year, reached the amount of RON 66.62 million, increasing by 3 percent compared to the program established by the budgetary laws, and by RON 736 million over the amount collected in the similar period of 2015, as it is indicated in the ANAF records.

According to the quoted source, there were collected RON 47.01 billion at the State Budget, namely RON 187.4 million more than the same period of the previous year (which was RON 46,82 billion), so that a plus of 6 percent was registered, compared to the program, as below: RON 6.93 billion were collected for the profit tax (+ RON 746.7 million, namely 12 percent nominal index), representing 7 percent over the program; RON 8.73 billion were collected for the income tax, meaning with RON 300.9 million (or 4 percent nominal index) more than in 2015 (RON 8.43 billion), so the achievement was of 5 percent over the program; the revenues from VAT decreased with 9 percent, due to poor collections.

Thus, the VAT collection was of RON 17.97 billion in the first 4 months of 2016, namely RON 1.72 billion smaller than the similar period of 2015 (RON 19.69 billion), while the achievement was of 2 percent over the program.

As we said before, the motivation that ANAF brings, namely that VAT has decreased from 24 to 20 percent since January 1, 2016, is not valid. The counterargument is that reducing VAT on bakery products from June 1, 2015 led to increases in revenues from the VAT on these products each month and quarter. Moreover, according to employers in the industry, reducing VAT on bakery products helped in a large extent to bring the activities in black or gray economy to surface.

 

 

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