The decision to raise VAT to 24% and the rising excises drovebudgetary revenues up by 7.5% in July against the same month oflast year, to 16bn RON, extending the upward tendency of receiptsposted in June.
In the wake of this trend, revenues collected for the generalbudget after seven months got into positive territory for the firsttime this year, to 93.3bn RON, 1.2% above the level of the similarperiod of 2009.
BCR analysts note the 17% increase in VAT revenues in July againstJuly 2009, estimating more positive effects from the VAT increaseto 24% are to be expected in the following months.
In July, VAT revenues reached 3.2bn RON, while sums collected tothe budget from excises climbed by 36.2%, to 2bn RON. Overall, inthe first seven months of this year VAT and excises brought 19.6bnRON and 9.09bn RON, respectively, to the budget.
The Finance Ministry underscores the rising revenues from VAT inJune and July, maintaining however that the VAT hike impact will bevisible starting August. It remains to be seen whether the ministrywill be able to collect the around 1bn-euro extra expected from theVAT increase.
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