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    BUCHAREST, (1 nov 2010)

    Romania PM Says 2011 State Budget Won’t Consider Tax-Lowering Bills

    Romanian Prime Minister Emil Boc said Monday the 2011 state budget won’t consider the two recently adopted bills lowering VAT on food and exempting small pensions from income tax because they would significantly widen the deficit.

    Romania PM Says 2011 State Budget Won’t Consider Tax-Lowering Bills

    "We're waiting for President Traian Basescu decision to sign or not to sign the bills into laws and then the Government will find solutions to stay within the 2011 budget limits," Boc said on public radio.

    The Parliament's lower chamber recently passed two draft laws that had been previously rejected in the Senate, one setting the value added tax on basic foods, such as bread, milk, meat, sugar and vegetable oil, at 5% instead of 24%, and another exempting pensions lower than RON2,000 from income taxes.

    People close to the matter told MEDIAFAX the head of state has promised the international Monetary Fund he would not sign the bills into laws and would send them back to Parliament.

    An IMF mission is currently in Bucharest to review Romania's progress under a EUR20 billion stand-by loan agreed last year, which also includes funds from the EU and World Bank.



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    state budgetRomanian Prime Minister Emil Boc said Monday the 2011 state budget won’t consider the two recently adopted bills lowering VAT on food and exempting small pensions from income tax because they would significantly widen the deficit.
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