The managers of Carpatcement Holding and City Mall shoppingcentre consider wage and pension cuts will shortly be followed byrising taxes, in the context where genuine steps to reboot theeconomy are yet to be taken. Mihai Agaficioaia, general manager ofBucharest's City Mall shopping centre believes the move to cutpensions and public sector employees' wages will solve thebudgetary deficit problem only on short term and just"mathematically", expecting the government to also raise taxes inthe following period. "(...) These moves are not correlated withother measures that should counterbalance their effects and forthis reason I expect VAT and flat tax to be raised in a very shortterm, of two-three months," Agaficioaia says. Mihai Rohan, chairmanand general manager of Carpatcement Holding foresees the samescenario, considering the government will have no money to honourthe assumed social obligations. "VAT and the flat tax willultimately come to be raised as the consumption decline, generatedby the slashed wages and pensions, will also mean lower sumscollected to the budget from VAT and income tax (...) ," Rohansays.
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