The execution of the general consolidated budget in the first five months of 2024 ended with a deficit of 60.10 billion RON, respectively 3.4% of GDP, compared to the deficit of 36.91 billion RON - 2 .30% of GDP - recorded in the similar period in 2023, the Ministry of Finance informs.(1 euro = 4.9771 RON)After the first four months of the year, the deficit was 57.29 billion RON, respectively 3.24% of GDP.Total revenues amounted to 225.38 billion RON in the first five months of 2024, registering an increase of 14.1% (year on year), and the expenses of the consolidated general budget, amounting to 285.48 billion RON, increased in terms of nominal by 21.8% compared to the same period of the previous year. The implementation of Romania's aggregate national budget in the first five months of 2024 ended on a deficit of RON 60.10 billion, or 3.4% of GDP, as against RON 36.91 billion - 2.30% of GDP - one year before, according to the Finance Ministry.The increase in government revenues was mainly supported by receipts from current revenues - corporate income tax, social insurance contributions, payroll tax, VAT and non-tax revenues.Receipts from payroll and income tax totalled RON 21.12 billion, which is a positive dynamics of 19.7% (year-on-year), while receipts from tax on pension income contributed 58.3% and those related to single tax declaration 13.7%.Insurance contributions recorded RON 78.18 billion, up 20.7% (year-on-year), outperforming the developments in wages.Income tax revenues amounted to RON 10.09 billion, up 37.9% (year-on-year) on the advance of revenues from corporate income tax, including the minimum tax on turnover from business operators and the corporate tax on commercial banks (+38.2%).Net VAT receipts totalled RON 47.89 billion, up18.1% (year-on-year). Also, the value of VAT refunds increased by 8.5% year-on-year - RON 12.90 billion in January - May 2024, as against RON 11.89 billion in January - May 2023.Excise tax revenues amounted to RON 15.80 billion, up 3.8%, on an increase in excise duty revenues from energy products (+13.3%), as a result of rising fuel consumption trends. At the same time, the decline in excise revenues from tobacco products levelled out at -8.3% amid a significant positive advance in May 2024.Non-tax revenues amounted to RON 17.62 billion, up 17.5% (year-on-year).
Romania will join the Schengen Area with its land borders starting January 1, 2025, according to Romanian prime minister and Social Democrat (PSD) leader Marcel Ciolacu, who was on a visit to Brussels on Monday, November 18. The Romanian PM said during an interview that the decision regarding Romania’s accession with land borders will be […]
Exorigo-Upos, the Polish company that provides IT technology solutions for the retail sector, is preparing to take its presence in Romania to the next level by establishing an innovation hub in Bucharest. The new center will focus on developing and testing cutting-edge technologies tailored to the Romanian market, in line with the company’s long-term strategic […]
Eva and Victor, ages 16 and 17, respectively, will advocate for climate action as members of Romania's delegation at the United Nations Conference on Climate Change – COP29, held in November 2024 in Baku, Azerbaijan. The two teenagers also have clear roles in the conference. Victor, for example, will co-moderate the Climate Youth Forum, where […]
Natural gas producer Romgaz (SNG), a company in which the majority stakeholder is the Romanian state, listed on Tuesday, November 19, its first corporate bonds amounting to EUR 500 million on the Bucharest Stock Exchange. The bonds, also listed on the Luxembourg Stock Exchange since the beginning of October 2024, are part of a tranche […]
The Bucharest Court of Appeal ruled on Tuesday, November 19, to return the case involving Andrew and Tristan Tate to prosecutors at DIICOT, citing several irregularities. The judges also decided to remove several pieces of evidence and statements from the file, according to
Program empowers women in Romania to step into management or advisory board roles Offering actionable advice for women in businesses seeking strong governance Supporting EU gender diversity targets with inclusive leadership programs The European Bank for Reconstruction and Development (EBRD) celebrates Women’s Entrepreneurship Day on 19 November 2024 by highlighting the EBRD Women on Boards […]
