The 2011 budget must be built taking into account a 24% VATlevel, and the document has to be approved by the Parliament bymid-December, as pledged by Boc Government in the additional letterof intent addressed to the IMF, which was approved yesterday.
The stipulation referring to the level of VAT valid for next yearwas expressly introduced in the text of the letter, unlike thealternative that existed in August, right after the evaluationvisit of the Fund's mission.
Shortly after VAT was raised to 24% starting July 1, presidentTraian Băsescu started speaking about the outlook of reversing themove, possibly starting January 1, but the explicit pledge now madeby the Government should end speculations about the modification ofVAT level next year.
The new letter of intent restates the pledge related to the drawingup of an emergency ordinance on the taxation of individuals withhigh fortunes.
The Government reaffirms commitment that the new salary scheme inthe budgetary sector be applied starting January 1, 2011. Theobjective of laying off a further 90,000 public sector employees isalso maintained.
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