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IMF supports Tax Council's activity as independent structure

The International Monetary Fund (IMF) recommended the establishment of the Tax Council and supports the operation thereof as an independent structure, IMF mission chief for Romania Jeffrey Franks on Friday told Agerpres after the meeting with the Council Tax members.

We strongly favor the operation of the Council as an independent structure capable of favorably influencing fiscal accountability issues in Romania, said Jeffrey Franks.

Asked whether he considers that the freshly established Tax Council will succeed in operating independently and exerting a really positive influence on fiscal accountability, the IMF mission chief for Romania said that the Council is just at the beginning, but it will get IMF support to develop its capacity with a view to strengthening fiscal accountability in Romania.

The Tax Council is an independent authority made up of five members with extensive experience in macroeconomic and budget policies, which is tasked with supporting the Government and Parliament's activity of working out and carrying into effect tax and budget policies, with a view to ensuring a high quality for macroeconomic forecasts underlying budget projections and medium and long term tax and budget policies. Council members exert their term according to Law 69/2010 and according to this act they shall not request or receive instructions from public authorities or any other institution or authority.

Raiffeisen Bank chief economist Ionut Dumitru was elected Council chairman and BNR chief economist Razvan Stanca was appointed vice-chairman of the tax authority.

The main responsibilities of the Tax Council are set forth in Law 69/2010 and refer to working out analyses, opinions and recommendations on macroeconomic forecasts and the tax and budget strategy and to assessing the compliance thereof with the principles and tax rules spelled out by the law, assessing the government's tax performance against the fiscal objectives and the tax and budget priorities, as well as with the principles and tax rules provided by law, through analysis and issuing of opinions and recommendations regarding the quarterly assessment prepared by the Government on the budget execution.

The Council can also make recommendations regarding developments in the fulfillment of the quarterly targets, as well as on the measures envisioned by the Government to correct potential deviations; the Council can also analyze and issue opinions and recommendations on the mid-year report on the economic and budget situation, it can analyze and provide opinions and recommendations, both before approval by the Government, as well as prior to the submission to Parliament of the annual budget laws, budget revisions, as well as on other legislative initiatives that may impact budget spending and the assessment of the compliance aforementioned acts with the tax principles and rules provided by the law.

According to the law, the Government and Parliament shall take in consideration the opinions and recommendations worked out by the Tax Council on the fiscal-budget strategy and annual budget laws.

Sursa: http://www.actmedia.eu

Tags: council budget opinions recommendations structure government fiscal independent bnr

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