The Government last night approved the content of the letter ofintent to be sent to the International Monetary Fund that containsthe steps to be taken to ensure continuation of the agreementsigned with the IMF.
We are seeing now the harshest cost adjustment of the lasttwenty years - the cut by 25% of the public sector employeesalaries and by 15% of the pensions, as well as of other expensessuch as children's allowance or subsidies for mothers.
The measure confirms the failure of the Government, which hasbeen incapable to cut spending and boost revenues for over a yearnow. The only solution it was left with was to brutally adjustspending.
Premier Emil Boc yesterday said the measures would be validuntil the end of the year, but would depend on the success of thisexpense-cutting plan.
The Government is also preparing a modification of the FiscalCode. As a result, luncheon vouchers, holiday and gift voucherswill be subject to taxation, while multiple properties and capitalmarket gains will be subject to a higher tax.
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