ECONOMY FINANCE&BANKING

ANAF collects RON 16.1 bln in May, up by 2.2 pc year-on-year but below target. Tax Authority explains the modest result through the hiking of VAT reimbursements

The Romanian Tax Authority (ANAF) has collected RON 16.14 billion in May, up by 2.2 percent year-on-year and slightly below the target set by the Finance Ministry, the institution announced on Tuesday, explaining the result through the significant growth in VAT reimbursements to companies.

“The programme communicated by the Finance Ministry for May was fulfilled in proportion of 99.4 percent (a shortfall of RON 97 million), against the backdrop in which the volume of VAT reimbursements in May 2017 stood at RON 1.378 billion, representing a growth of RON 535.69 million, namely of 63.55 percent, compared to the volume of VAT reimbursements registered during the same period last year,” ANAF’s communique reads.

ANAF data show that the institution has collected RON 84.61 billion in the first five months of the year, up by RON 2.18 billion or 2.6 percent compared to the same period last year.

Nevertheless, the situation is far from the growth rate forecast by the Government.

For 2017, the state budget forecasts total revenues of RON 117.1 billion, up by 15 percent compared to the 2016 level, and the general consolidated budget – which includes all budgets, including the pensions and unemployment benefits budgets – forecasts total revenues of RON 254.7 billion, higher by 14 percent year-on-year.

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