Cover IMF Staff Country Reports
Romania: Technical Assistance Report on Improving Revenues from the Recurrent Property Tax
Author:
International Monetary Fund. Fiscal Affairs Dept.
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2022: Issue 198
Language:
English
Publication Date:
29 Jun 2022
DOI:
https://doi.org/10.5089/9798400212680.002
ISBN:
9798400212680
ISSN:
1934-7685
Pages:
73
Keywords:
property tax reform; real property; VALUE-BASED property tax; tax rate; property tax exemption; property tax system; property tax basis; Property tax; Land tax; Real estate prices; Asset valuation; Africa; Eastern Europe
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The current area-based property tax system in Romania is inefficient, producing revenue below its potential, while the taxable value determination is inequitable and complex. Indeed, the property tax only generated 0.6 percent of GDP in 2021 vs. the average of 1.8 percent of GDP in the OECD economies, or 0.9 percent of GDP in EU-27. Meanwhile, significant scope for improving both buoyancy and efficiency of the property tax system exists, not least through the elimination of multiple exemptions, addressing the current inadequate and fragmented self-declaration system of residential buildings that translates into incomplete fiscal cadasters.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund
Volume 2022: Issue 198