“Romania targets an annual economic growth of 5%-6% over a medium term. We need this growth to narrow the gap with the rest of Europe and I think that, if we continue these measures which stimulate the business environment, we will be able to achieve this goal, by keeping fiscal discipline,” Petrescu told “The EU-SouthEast Europe Summit”.
The minister also reminded the government’s recent measures, namely the social security tax cut by five percentage points, the tax exemption on reinvested profit, the decision to cut special constructions tax from 1.5% to 1% and the special constructions tax exemption for oil wells in the Black Sea.
Petrescu also said that the state aid schemes triggered 13,000 new jobs, adding that the government also promoted measures to cut tax evasion, such as measures to cap cash payment, or the setup of the Antifraud Division of Romanian tax authority ANAF.
The Romanian Government forecasts an economic growth of 2.5% in 2014, down from 3.5% in 2013, when it was the highest growth in the European Union.
The International Monetary Fund (IMF) revised downwards its forecast on Romania’s economic growth to 2.4% in 2014, versus a 2.8% increase seen in June, and for 2015, the IMF kept its GDP growth forecast unchanged at 2.5%.