Finance Ministry has no intention to amend system of taxes and fees

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Minister of Public Finance (MFP) Sebastian Vladescu has no intention to modify the system of taxes and fees in 2010. ‘The tax system in Romania is one of the most favourable in Europe.

We have now a functional formula and we have no intention to make changes in the tax system and taxes. This year the MFP will take no initiative towards changing the system of taxes and fees, except for the minimum tax, related to which we will submit to the Government in the following months,’ the MFP official said, at a meeting with the association of Italian companies in Romania – Unimpresa.

On the other hand, Vladescu admitted the Romanian tax system was ‘designed’ with difficulty in the latest 20 years and that a rethinking of it is absolutely necessary, since Romania became an EU member state, with the weight of budget revenues in the GDP being too low, insufficient for the development and modernization needs.

This rethinking of the tax system does not mean, however, said Vladescu, a higher VAT, changing the flat or higher taxes. For Romania reaching the revenue budget of 34-35 percent of GDP, compared to about 30 percent currently, will be needed to bring in the taxation area such large segments as agriculture, which is not charged, not the property nor the products, and which is a segment bringing consistent revenues to the budget in other countries, while in Romania the such revenues from agriculture are rather small,’ Vladescu added.

Finance Ministry has no intention to amend system of taxes and fees
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