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Between 10% and 15% of the corporate tax payers in Romania delayed the payment of at least 500 million RON last month, according to Andrei Stefan, spokesman for the National Fiscal Administration Agency (ANAF). The percentage refers to good tax payers, who normally do not delay payments. The situation caused a 4% setback in ANAF"s tax collection target. Cristian Parvan, Secretary General of the Businesspersons Association of Romania (AOAR), believes that the delays are primarily caused by the increase in the cost of financing following the global financial crisis. In his opinion, the delay in the payment of taxes will continue as long as banks maintain lending restrictions. However, the budget deficit should not be affected, as long as the State manages to adjust public spending. "The State is like a corporation that needs to find a way to cap expenses. Private companies have already started cutting costs, but, unfortunately, by means of personnel reductions," Parvan said.
"We are about to take measures to relax interbank lending and we will also try to find solutions to help banks release liquidities. The problem is that banks have stopped lending to each other and the parent banks have stopped credit lines for Romanian banks," said ANAF President Daniel Chitioiu quoted by NewsIn. The Government and the National Bank have promised to try to find solutions to break the deadlock.
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