Bucharest City Hall expects to collect RON 1.3bn less, following the Tax Code ‘reform’ approved by the Gov’t

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The Bucharest City Hall budget will fall in 2018 down by RON 1.36 billion, i.e. between 34.47% and 38.54% of the broken share of income tax to the municipality, a document from the institution reads. The decrease is the consequence of the amendments to the Tax Code approved on Wednesday by the Government. The decrease will be dramatic, if the executive does not approve compensations, hotnews.ro informs. For example, the subsidies for RADET and RATB amount to RON 1.1 billion per year.

The local budget for investments in 2017 amounts to RON 1 billion. The acquisition of 400 new buses by the city hall amounts to RON 510 million, VAT free.

Bucharest Mayor Gabriela Firea drew the attention, before the amendments to the Tax Code were approved, that the amendments package will bring bad news, less money to the budget for investments.

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