The VAT hike from 19% to 24% as of July 1st generated a 17% risein overall revenues collected by the state budget in August,compared with the same month of 2009, pursuing the upward trendwhich started in June.
In August, budget revenues totalled 12.9 billion RON, with VATcollections reaching 3.6 billion RON, up 46.9% amid a tax hike byfive percentage points.
The Finance Ministry explains, however, that "VAT revenues frominternal operations in August 2010, uninfluenced by VAT repayments,rose by 25%, a percentage very close to the increase of the taxfrom 19% to 24%."
VAT is the biggest supplier of money to the state budget, andthe second biggest for the general budget, after socialcontributions.
"The rise in VAT collections to the state budget is a positivesignal, but it is also a big sacrifice, considering the GDPcontraction by 2.5% this year in Romania, while other countrieshave already returned to a rising trend," said Rozalia Pal,chief-economist of UniCredit Tiriac Bank.
Over the course of the first eight months of this year, VAT andexcises brought 23.3 billion RON and 10.7 billion RON respectivelyto the state budget. VAT revenues rose by 4.5% against the firsteight months of 2009, with amounts collected from excises climbingby 11.7%.
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