The slowing growth pace of VAT revenues towards yearend iscasting a shadow of doubt on the way the 24% hiked VAT, which savedthe budgetary gap last year, will help the budget in 2011 as well,considering the ambitious target of narrowing the deficit to 4.4%of GDP.
The Finance Ministry for this year projects VAT revenues worth43.1%, 10% above the sums collected last year.
In December, the growth pace of sums collected from VAT almosthalved against November, being the most sluggish advance registeredafter the decision to lift the rate by 5%.
Finance Minister Gheorghe Ialomiţianu yesterday started VATrevenues covered the payment of arrears and made it possible forthe budgetary gap target to be hit at the end of 2010, maintainingthe IMF and the European Commission welcomed the "very good"results Romania obtained as part of the standby agreement.
However, the IMF has one big disappointment after two years, namelythat the economy has not returned to growth, yet.
Some analysts stated that had the VAT not been hiked, there wouldhave been chances for the economy to resume growth.
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