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IMF Urges Romania To Improve Tax Collection

by Lorys Charalambous, Tax-News.com, Cyprus

26 October 2015


The International Monetary Fund has encouraged Romania to accelerate its efforts to restructure the tax system.

The IMF said that Romania's current plans for 2016 and 2017 involve substantially cutting taxes while increasing spending on wages. This will push the fiscal deficit up to three percent of gross domestic product next year and higher still in 2017, without offsetting measures.

The IMF said that authorities should focus on boosting tax collections while reining in inefficient spending to make space for the tax cuts. It noted that while tax collections have improved markedly this year, the tax collection gap remains significant. It said Romania should modernize its enforcement activities.

Finally, the IMF said that Romanian authorities should carefully design its new natural resource tax regime, to ensure a balance between fostering investment and generating extra revenue for the state.

TAGS: compliance | tax | investment | economics | fiscal policy | International Monetary Fund (IMF) | Romania | tax rates | tax reform

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