Romania:Technical Assistance Report on Reforming Personal Income Taxation

Technical Assistance Report on Reforming Personal Income Taxation

Volume/Issue: Volume 2022 Issue 199

Publication date: June 2022

ISBN: 9798400211393

$20.00

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Topics covered in this book

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Economics- Macroeconomics , Money and Monetary Policy , Taxation - General , International - Economics , personal income taxation , request of Ministry of Finance , PIT rate , PIT exemption , revenue ratio , reform scenario , Personal income tax , Tax allowances , Marginal effective tax rate , Income , Income tax systems , Eastern Europe , Global , discussions with the Ministry of Finance

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Summary

With one of the lowest revenues in the EU and a projected budget deficit exceeding 7 percent of GDP, Romania should rely on an array of tax (policy and administration) instruments to mobilize revenues. A fundamental question facing Romania’s reform efforts is how to spread the burden of the tax in an equitable manner, especially given the already relatively high income inequality. The fiscal system as a whole currently provides little income support at the bottom of the income distribution.