9.5 C
Bucharest
April 21, 2021
ECONOMY FINANCE&BANKING

Fiscal administration collection exceeds budget forecast

The National Agency for Fiscal Administration (ANAF) has collected 82.42 billion lei over the first five months of 2016, which was 3.32 per cent above the budget forecast, ANAF President Dragos Doros (photo) announced on Wednesday.

The value added tax brought 22.25 billion lei, up by 4.04pct. “According to the budget forecast, as the VAT rate had been diminished, we should have collected this year 74pct of the last year’s figure, but we have collected 92pct,” said Doros.

The collection exceeded the forecast in January, which is traditionally an exceptional month following the consumption peak on the winter holidays.

Excises on tobacco were higher than expected in January, as uncertainties persisted on the implementation of the relevant European Directive; they were on schedule in February and March, below expectations in April and returned above the forecast in May.

As the VAT on food was cut on 1 January from 24pct to 9pct, while official statistics showed an increase of consumption, an uptrend was eventually noted in collection. “We hope it lasts,” Doros concluded.

Related posts

Five years since the listing of Fondul Proprietatea on the Bucharest Stock Exchange

Nine O' Clock

PM Ciolos praises Finance Ministry for Budget Transparency programme

Nine O' Clock

George Friedman believes Romania is a good place for American investments

Nine O' Clock