Romania’s Tax Authority recorded budget revenues of EUR 21.4 billion in the first semester of the year, up 4.8% compared to its estimates and 8.8% higher year-on-year. The growth was due to higher revenues from VAT, income tax and profit tax.

Revenues from VAT collection increased by 18.3% to EUR 6.5 billion in the first semester, whereas revenues from profit tax increased by 12.2% to EUR 1.5 billion. Income tax attracted EUR 2.8 billion to the budget, up 14.2% compared to the first six months of 2014. T

he positive results were recorded despite tax measures with negative impact on collection, such as cutting the social contributions by 5%.

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