VAT cut on food brought 400 extra million RON to the state budget

The VAT cut on food down to 9% has brought revenues 400 million RON higher than projected since June 1st whereas the half-billion RON budgetary deficit accounting for this tax reduction estimated by the Ministry of Finance has now been compensated, according to an announcement made by minister Eugen Teodorovici.

He also believes that similar measures included in the new Fiscal Code could have the same positive effects.

Finance Minister has stressed out that financial resources considered for the first budget correction this year will be allotted for achievable objectives so that the money be no longer blocked in those areas where it cannot be spent.

The same principle will apply in October, on the second budget correction in 2015.