Budget revenues rise by 22%, topping 71 billion RON

In late September the general consolidated budget’s revenues totalled 71.42bn RON, up 22% in nominal terms, against the level posted in the same period last year, with income tax collections seeing the most significant surge.
The amounts derived from income tax for the January – September period amounted to 6.7 billion RON, approximately 40% higher than the total posted in the corresponding period of 2005, according to data published by the Ministry of Public Finances.
Profit tax collection saw a slower increase, rising 14.62% in nominal terms in late September, amounting to 5.7 billion RON.
Revenue derived from VAT over the first nine months surged by 25.21%, to 19.7 billion RON.
Collections from excises rose by 11.3%, to 7.25 billion RON, while collections from customs duties went up 18.9%, to 1.65 billion RON.
Local budgets saw revenues amounting to 3.24 billion RON, topping the level reached in the first nine months of last year by 25.1%.
In nominal terms, social securities witnessed a 24.7% rise in income, standing at 14.38 billion RON, while the unemployment insurance budget witnessed a rise in revenue of 3.5%, to 1.59 billion RON.
Over the first eight months, the general consolidated budget registered a surplus of 5.29 billion RON, the equivalent of 1.6% of GDP, derived from income worth 68 billion RON and from expenses amounting to 62.7 billion RON.
The Government increased the budgetary deficit target twice this year, from 0.5% of GDP to 0.9% of GDP and, subsequently, to 2.5% of GDP, in order to supplement the expenses of infrastructure investments.
At the same time, the forecasts of budgetary revenues have been revised upwards.