Discussions over the fiscal amnesty continued over the past week, FinMin Teodorovici highlighting that it will only include state-run companies with historical debts, and that erasing individuals’ debts, albeit his party colleagues, are out of the question. According to the FinMin, erasing state-run companies’ debts would help them resume their economic activity.
Taking into account the deficit increase, an issue that has a potential snowball effect, FinMin Teodorovici presented alternative sources for public finances: insolvencies, cigarette smuggling & VAT recoveries.
It is expected that the Gov’t amends insolvency legislation, fact also confirmed by PM advisor Darius Vâlcov. A growing public presence, Vâlcov presented the main lines the Gov’t is expected to pursue this autumn: insolvencies, Pillar II pensions, and the Sovereign Fund.
Last Monday (July 23) PM Viorica Dăncilă presented her cabinet’s six month report. The overall positive conclusions highlighted investment and wage increases. More so, the Gov’t shows that revenues to the budget spiked by 12% in Q1 2018 against Q1 2017. However, also last week, the FinMin presented rather worrisome figures on the budget deficit which spiked to 1.61% in June, from 0.88% in May.
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