Budget revenues might go up to 36 pct of GDP

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The budget revenues might go up to 36 percent of GDP this year, Economy and Finances Minister Varujan Vosganian told a conference hosted by the Romanian Banking Institute on Monday.
 
The budget revenues accounted for 29 percent of GDP in 2004, and they surged to 34.5 percent in 2007, with no major tax having been raised, he added.
 
Vosganian explained that most of the GDP share of this year's budget revenues would be achieved by a better management of collection, the more so since a range of methodological modifications have been made on VAT this year and part of the welfare contributions will be transferred to private management, i.e. to the pension funds.
 
The revenues to the general consolidated budget have gone up 51.1 percent in the first quarter-year compared to the same period in 2007, up to 37.04 billion lei.
 
The state budget revenues increased the most in Q1, at 61.2 percent up to 22.3 billion lei, followed by the state welfare budgets that grew 39.5 percent to 12.37 billion lei.
 
The local budget revenues surged 30.6 percent to 2.36 billion lei. (the euro trades at 3.60 lei)
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