Loading ...In H1 2008, Romanians spent some 29bn euro on goods and services (food products, energy, cars, homes or mobile phones), according to the data of the Ministry of Finance on the paid-up VAT.
The said data show the fact the VAT-related revenues rose in H1 by almost 57% versus H1 2007 to the value of 20.2bn lei (5.5bn euro). VAT represents the most important source of income for the state budget, bringing almost one quarter of the revenues of the general budget.
The said data show the fact the VAT-related revenues rose in H1 by almost 57% versus H1 2007 to the value of 20.2bn lei (5.5bn euro). VAT represents the most important source of income for the state budget, bringing almost one quarter of the revenues of the general budget.
The standard VAT level of 19% is applied on most goods and services, but there is also a low level, of 9%%, for products such as medicines and medical prostheses, and also for services such as the publication of books, magazines, schoolbooks and accommodation in tourist units. As such, the total of the expenses made by the population in H1 can be calculated by correlating the 5.5bn euro to the 19% VAT level, the result standing at some 29bn euro.
“The VAT is a resource the budget has been backed on in the past four years. The increase in the VAT-related revenues shows the economy does not produce but only consumes. The budget depends on the VAT-related revenues and once the social insurance contributions were decreased, this dependency will widen,” the executive director of the Applied Economics Group, Liviu Voinea told.
According to him, the dependence on the VAT-related revenues represents the dependence on an inefficient economy structure, based on consumption. Liviu Voinea underlined the need to restructure the economy to increase production. The increase in consumption was fueled by the rise in salaries, which has accelerated this year. Thus, in June, Romanians gained a net average salary of 1,273 lei (349 euro), up 24% more than in June 2007, according to the National Statistics Institute (INS).
Analyzing the data referring to the revenues from the salary and income taxes, which stood at 2.4bn euro, Romanians had in H1 incomes of some 15bn euro. The rest of the money for the consumption of 29bn de euro, shown by the VAT-related revenues, comes from loans (4bn euro in retail loans taken out since the start of 2008), from the Romanians working abroad (2bn euro) and from the unregistered economy.
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