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Budget revenues reportedly EUR 1 bln below target in Q1

The revenues to Romania’s state budget lagged EUR 1 bln (nearly 0.5% of year’s GDP) behind target at the end of the first quarter (Q1) of this year, Economica.net has reported quoting government sources.

The Government initially promised companies to postpone filing the tax returns to April instead of March. However, after only one week, on March 21, the Finance Ministry changed its mind and insisted that companies file their tax returns by the March 25 deadline, arguing that the state had spent huge funds to reimburse the VAT to companies.

However, many companies have preferred conserving their resources instead of paying their taxes to the budget, since the uncertainty related to their operations remains high, Economica.net reported quoting officials within the Government.