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Banking

Tax revenues rise real 20% y/y in October.

Tax revenues rise real 20% y/y in October. The tax revenues increased by real 20% y/y to RON 6.5bn (EUR 1.8bn) in October. Revenues were RON 47.6bn (EUR 13.4bn) in whole Jan-Oct and they increased robustly by real 15.4% y/y. Half of the growth (7.5pps) was due to the higher consumption that pushed the VAT collection by real 16% up in Jan-Oct. VAT collection was 47% of total tax collection in Jan-Oct this year, roughly the same share as in the same period of last year. The revenues collected from income tax have increased more steeper, by real 33% y/y and made a significant 4.5pps contribution to the total 15.4% y/y advance in tax revenues. The total revenues to the general government budget increased by 22% y/y to RON 81.6bn (EUR 22.9bn) in Jan-Oct. The growth was around 15% y/y in real terms.

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