Revenues collected in the general consolidated budget went up 52.6% in February against 2007, according to data published by the Ministry of Economy and Finance on Tuesday. The increase is almost as high as the one registered in January (60% on 2007) and can be attributed to changes in legislation regarding the payment of VAT on imports, which were valid at the beginning of last year. In comparison, total budgetary revenues increased by almost 19% last year, therefore, the growth rate registered in the first two months of this year (57%, on average) was three times as high. This can be explained by the fact that in the first three and a half months of 2007 (until April 15), the Romanian tax authorities suspended VAT payment at customs for imports from countries outside the EU, in line with community regulations. VAT was no longer charged at customs, but was instead charged when the goods reached their final destination. However, the budget lost over 400 million euros due to fraud (VAT which was never collected, according to the Finance Ministry), and budget revenues also registered a decline.
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