Tax reform

The 2015 draft budget will be completed by Friday and will begin being debated by the Parliament after December 10, Minister-delegate for Budget Darius Valcov announced on Monday.

The cut value-added tax (VAT) on meat and meat products, cutting red tape and backing the food industry in order to promote the Romanian products in the foreign markets were some of the topics 'passionately' debated and examined by the Romanian authorities and business environment during a two-day seminar that ended on Thursday and that was totally dedicated to this sector conduct

BELGRADE - Serbia recorded budget surplus in October for the first time as revenues were higher than the expenses, Serbian Prime Minister Aleksandar Vucic stated.

In October, revenues totalled RSD 79.3 billion while expenditures added up to RSD 79 billion, Vucic said during a show broadcast by Happy TV.

Measures aimed at redistributing the economic growth and at stimulating consumption have positive effects on the economy; the 7.4 percent growth of retail over the first three quarters of 2014 reflects a moderate stimulus for increasing demands and a boost to economic growth, prime minister's advisor Cristian Socol says.

Prime Minister Victor Ponta said on Wednesday that no tax will be raised in 2015, but quite the contrary, the VAT on fruit, vegetables and meat products could be lowered in the second half of the year.

He explained however that the future government will decide on this "according to the concrete fiscal and budget data."

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By Dimitra Manifava

The reduction in the value-added tax on catering has not only resulted in smaller-than-expected revenue losses for the state coffers, it has also stemmed the flow of restaurant shutdowns and is expected to create thousands of new jobs in the sector.

While Greece came top among European Union states in terms of improving its value-added tax deficit in 2012, it still ranks among those with the biggest problems in VAT collection.

2015 budget to be adopted on time - PM

BELGRADE -- Prime Minister Aleksandar Vučić said on Tuesday the 2015 state budget would be "prepared on time, like in previous years."

"Economic parameters of importance to the country "improved in the current and previous months," he added.

BELGRADE - Serbia's Prime Minister Aleksandar Vucic said on Tuesday the 2015 budget would be prepared on time, like in previous years, and that the economic parameters of importance to the country had improved in the current and previous months.

The current 24 percent level of the value added tax is too high, and it is the main item of tax avoidance; the VAT should be reduced to the previous level of 19 percent, presidential candidate Klaus Iohannis of the Christian Liberal Alliance said on Wednesday in a campaign stop in Curtea de Arges (northwest of Bucharest).