The solution to raise taxes and contributions to boost budgetaryrevenues considering the companies and people are already heavilyburdened is not viable and will not allow the state to narrow thedeficit, NBR Governor Mugur Isarescu warned yesterday.
In a harsher speech than the audience had been used to, Isarescuopenly criticised the political class for having delayed cuttingpublic spending after the onset of the economic crisis in theautumn of 2008 and for constantly trying to adjust by boostingrevenues, that is by higher taxes.
"No one wants to cut (public) spending and the situation cannotbe resolved without conflicts. How does one solve the problem -with a tax burden put on companies? Companies are grumbling and notwithout reason. They are all complaining about the exaggeratedtaxes; taxation, red tape are huge," Isarescu told the "Romania2010: Economic and financial constraints and social imperatives"seminar, organised by the National Bank of Romania together with"Saptamana Financiara" weekly and "Financiarul" daily.
He pointed out the discrepancy between the very heavy fiscalburden for companies - for 100 RON of revenue, taxes andcontributions amount to 80 RON, and the very low level of budgetaryreceipts, a little over 30% of the Gross Domestic Product.
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