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Fiscal Policies to Diminish the Deficit in Romania

Author

Listed:
  • Corina Georgiana Cioroiu

    (˝Ovidius˝ University of Constanta, Faculty of Economic Sciences, Romania)

  • Alina Elena Ionascu

    (˝Ovidius˝ University of Constanta, Faculty of Economic Sciences, Romania)

  • Andreea Larisa Olteanu (Burca)

    (The Bucharest University of Economic Studies, Romania)

Abstract

On 27.10.2023, Law no. 296/2023 on some fiscal-budgetary measures to ensure long-term sustainability was published in the Official Gazette no. 977. This law introduced substantial amendments to the Tax Code and introduced many new elements from a tax perspective, with an impact on both individuals and legal entities, including the liberal professions, not only in terms of an increase in the level of taxes and contributions, but also in terms of an increase in their administrative burden. Following the negative reaction expressed in particular by the business sector, taking into account the recommendations issued at European level for Romania, on 15.12.2023, Government Emergency Ordinance No. 115/2023 was published in the Official Gazette No. 1139 on some fiscal-budgetary measures in the field of public expenditure, for fiscal consolidation and combating tax evasion, for amending and supplementing some normative acts, as well as for extending some deadlines. This paper aims to analyse the possible impact of the new fiscal-budgetary measures at macroeconomic level, determining the positive and negative sides with regard to the fulfilment of their intended purpose.

Suggested Citation

  • Corina Georgiana Cioroiu & Alina Elena Ionascu & Andreea Larisa Olteanu (Burca), 2023. "Fiscal Policies to Diminish the Deficit in Romania," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 662-669, December.
    • Handle: RePEc:ovi:oviste:v:xxiii:y:2023:i:2:p:662-669
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    More about this item

    Keywords

    budget deficit; economic crisis; fiscal-budgetary measures; macroeconomic impact; fiscal news;
    All these keywords.

    JEL classification:

    • K29 - Law and Economics - - Regulation and Business Law - - - Other

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