The draft budget for next year has been finalised by the FinanceMinistry, but it will only be approved by the Government afteranalysis by IMF experts, who will be in Bucharest for a new reviewin mid this week.
"We are waiting for the IMF delegation, which will be in Buchareston Wednesday. The draft budget will then be approved by theGovernment," said Gheorghe Gherghina, secretary of state within theFinance Ministry in charge of the budget.
The budget is again dragging on, with the legal deadline forsending the budget to Parliament, October 15th, having alreadypassed.
The 2011 taxation system is not very clear, as there are talks,including within the ruling party, over cutting the flat rate to12% or even 10%.
President Traian Băsescu says, however, that cutting the flat rateis not a solution, and declares himself in favour of cutting socialcontributions, saying the VAT will not rise.
According to the draft budget, social contributions will be kept attheir current level, with the Government counting on higherstate-collected revenues from VAT, excises, income and profittax.
The 2011 budget provides for a deficit of 4.4% of GDP, the levelincluded in the fiscal-budgetary strategy for 2011-2013.
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