Romania is again the first among the member states of the EU with VAT non-collection, according to a report of the European Commission published on Thursday which shows that our country has deepened in 2019 the losses in VAT collection by six billion lei, against the previous year. According to the European Commission in 2019 the lowest deficits in VAT collection in the EU were recorded in Croatia (1%), Sweden (1.4%) and Cyprus (2.7%) and the highest in Romania (34.9%), Greece (25.8%) and Malta (23.5%).'The deficit of VAT collection of Romania got worse in 2019, getting to 35.16 billion lei, after there had been an improvement in 2018 against 2017. Practically, Romania's budget does not collect over one third of VAT or 3% of GDP, meaning almost half of the deficit estimated of the budget for this year. I think that big progress can be made with VAT collection by automation of the ANAF. For example, in 2022 reporting will be made through the standard file of fiscal audit (SAF-T)which had good results in other states. But the effects of this change in reporting will not be seen before 2024, after the majority of the tax-payers join the new system' explained Daniel Anghel, partner and leader of the fiscal and judicial services, PwC Romania.According to the reports of the European Commision,starting with 2015, Romania has occupied the first place, every year, among the member states, with the highest VAT gap. 'Over the last two years, ANAF took important steps. There is a package of integrated measures whose implementation started in 2020 and there should be some results next year'Daniel Anghel says. Annually, the European Commission monitors the VAT gap recorded at the level of member states of the European Union, indicator calculated as difference between the income from VAT estimated to be collected and that effectively collected for the state budgets. The VAT gap covers the VAT losses from fraud, insolvency, bankruptcy, administrative errors, fiscal undue advantages. PwC is a network of companies present in 159 countries with more than 295,000 professionals who offers services in the domain of audit, fiscal consultancy and business consultancy.
Romanians purchased RON 1.49 billion (nearly EUR 300 million) under the last Fidelis issue this year, organised by the Treasury in December, with over two-thirds of the money being placed in euro-denominated debt and more than one-third of the total being placed in long-term 10-year euro-denominated debt with a 6.2% coupon attached, according to data […]
Environment minister Diana Buzoianu announced that the ministry she leads has launched the procedures for a feasibility study aimed at planting 380 hectares of forest shelterbelts in southern Romania, a region increasingly affected by desertification. According to the announcement, the project would result in more than 126 kilometers of tree lines planted along national roads. […]
Romanian president Nicușor Dan said Russia will remain a security threat to Europe even if the war in Ukraine ends in a peace agreement. Speaking after the Eastern Flank Summit in Helsinki, he stressed that European countries must stay calm but strengthen their defense capabilities through increased investment and closer coordination within NATO and the […]
Harta Literară (The Literary Map), a project highlighting real-world places featured in fiction works, will expand next year from Bucharest to Braşov and Iaşi after receiving funding from Romania's National Culture Fund (AFCN). Bucharest was the first city covered by the map, with more than 300 documented places, and 600 highlighted connections to classic and […]
As global competition for university places continues to rise, families are increasingly seeking schools that not only deliver strong academics but also provide the networks, counselling, and preparation needed for the world’s most selective universities. Through its partnership with Dukes Education, Verita International School has become one of Romania’s strongest pathways to top global universities, […]
Exim Banca Românească continues the savings campaign under which it pays attractive interest rates, above the market average, for new deposits in lei and euro, over 7 months: interest rates of up to 7.20% per year for lei and 2.50% per year for euro. The offer is available both for the PLUS deposit in lei, […]
