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Romanian Companies Delay Paying Taxes On Liquidity Shortage

Companies in Romania have liquidity problems, as banks cut their credit lines, and postponed paying their taxes, causing losses of 1.5 billion lei (EUR1=RON3.6838) to the state budget, Economy and Finance Minister Varujan Vosganian said Tuesday.

"We have difficulties in collecting taxes since mid-October, as the banks reduced their credit lines, this problem causing losses of RON1.5 billion," Vosganian said during a round table meeting organized by "Ziarul Financiar" daily. Raiffeisen Bank president Steven van Groningen said banks are more cautious in granting loans, due to the ongoing international financial turmoil. According to van Groningen, Romania is now seen as a riskier country, and this leads to higher lending costs. "Ziarul Financiar" organized Tuesday a round table and invited for talks the leaders of the main political parties and the representatives of the main local companies to discuss about Romania's business agenda for the next four years.

Romanian companies dole out EUR 27bn on investments and plan to keep on spending

Investments of Romanian companies amounted to 27 billion euros this year and show no sign of shrinking over the next years, declared the minister of finance and economy, Varujan Vosganian.

The minister brought up the importance of a prudent and constant fiscal policy in the coming years, without which the aimed budget gap of 0.9 percent of the Gross Domestic Product and the Eurozone entrance will not be possible."But for the debates connected with the elections, I don't think that any governing formula will threaten the local business environment. Continuity is important, Romania must stimulate Romanian investments in the energy segments and the draw of European funds," said Vosganian. Romania did not give way to internal shocks, but softened the external ones and the economic growth was revised down in most economic countries, with the exception of Romania, Vosganian also mentioned."No foreign authority grants Romania an economic growth smaller than 5 percent a year. The growth was wider in investments and tighter in consumption," added Vosganian.

Romania needs between 5 and 7 billion RON financing before the end of the year Romania may need somewhere between 5 and 7 billion RON financing at the end of the year (1 Euro = 3.68 RON), money that can be obtained from the reserves at the Economy Ministry or from other sources, said the Economy Minister, Varujan Vosganian, on Tuesday. Some of the money will be obtained through reducing the obligatory reserves banks have to submit to the Central Bank, while the rest should not be a problem, the official said, adding that he counts on finding financing with an interest under the Lombard interest rate.

The Central Bank reduced the obligatory reserves level for RON deposits from 20 to 18%, which means that some 2 billion RON will be released on the market, to reduce the tension in the monetary transactions. Another financing source is represented by state bonds, the population proving a growing interest and more trust than before. During the past few days, 120 million RON worth of bonds were bought by the populace.

Sursa: http://www.actmedia.ro

Tags: billion vosganian romanian romania taxes companies euro

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