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BCR chief economist does not deny possible rise in VAT

Budget restraints might compel the Government also to increase the VAT, along with other measures aimed at helping with the growth of the budget revenues, Romanian Commercial Bank (BCR) chief economist Lucian Anghel said in a macroeconomic analysis.

He said it is important that the public sector should be reformed and the government should curb the 'rigid expenditures,' in the sector.Nevertheless, Anghel opines that in the crisis situation it is inopportune to rise fees and taxes, but he thinks there are not very many different solutions, at the moment to increase the revenues to the state budget.

'Public opinion must be correctly informed, that if we fail cutting the rigid expenditures, we'll have either higher excises or the health sector will be heavily under-financed, or higher fees and taxes are needed,' the BCR official said. 'If we don't curb the public costs, the rise in the VAT could be one of the above mentioned options, in 2011,' Anghel stressed.

He pointed out that, at present, in Romania it is spent almost a quarter more than it is earned.'For one hundred lei revenues we pay 78 lei pensions and salaries. And then, wherefrom can we get money to support the infrastructure,' BCR chief economist explained.He thinks that the adjustment steps must be rapidly enacted because 2010 is an elections year and no unpopular measures can be taken any longer.

According to the quarterly macroeconomic report 'Romania- Between Optimism and Pessimism,' in case a new pension system is adopted more protective than the state budget affords, then the Romanians will have to be correctly and transparently informed about the compromise to be reached, namely the rapid increase in the pensions in the public sector to the detriment of the investment in areas of crucial importance, such for instance the health system, heavily under-funded, particularly during the past two years, or the infrastructure.

Sursa: http://www.actmedia.eu

Tags: economist chief bcr

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