Posts tagged as budget

Non-taxable minimum income planned to rise in Latvia

Friday, September 17, 2021

During the next year’s budget planning negotiations, government parties have mentioned raising the non-taxable minimum income to at least EUR 400, according to the information available to Latvian Television September 16. This means a little more money for the working population after tax, but less revenue for municipalities. Next year’s budget law is scheduled to be approved by the government in mid-October. Raising of the differentiated non-taxable minimum is supported by…

The government is discussing the state budget for next year

Wednesday, September 15, 2021

The government is discussing the state budget for next year, which is set to measure out at around €12 billion and the government sector’s costs are €600 million higher than revenue. Ministers are asking for pay increases for teachers, police officers and culture workers. Minister of Finance Keit Pentus-Rosimannus (Reform) said the good economic situation should be used to move toward the state not spending more than it is taking…

There will be no cuts state budget at the expense of internal security

Thursday, September 9, 2021

Prime Minister Kaja Kallas reported that there will be no cuts in next year’s state budget at the expense of internal security. Speaking on the pre-recorded Vikerraadio radio program “Stuudios on peaminister”, Kallas said: “I can confirm that internal security is one of the priorities and it will not get any worse. I am assured that no command will close, no police officer currently working will be made redundant.” The…

€60 million state budget cuts to be reviewed next month

Wednesday, August 25, 2021

Better-than-expected economic performance, and with it higher tax revenues, have raised questions whether spring’s proposed cuts of €60 million to the state budget will go ahead unchanged. However, more will be known following the economic forecast published in September, and ahead of the state budget for 2022 itself, which must be finalized at the end of that month. The issue also relates topolitical differences between the two coalition partners– Reform…

Government backs EUR 11.9 billion as budget base spending

Wednesday, August 25, 2021

The Finance Ministry presented a report on the base basic budget and base special budget of 2022 at the government meeting August 24. The plan provides that base budget expenditure in the 2022 consolidated budget will amount to EUR 11.886 billion. Base expenditure in the basic budget has been projected at EUR 8.741 billion in 2022 and EUR 8.568 billion in 2023. Base expenditure has been increased by EUR 668.1 million…

Estonia’s state budget to be more detailed, budget process simpler

Thursday, July 22, 2021

The government wants to make the budget more “understandable” and transparent from 2022, Minister of Justice Maris Lauri has said. The bill presented by the Mministry of Finance would make the state budget seven times more detailed compared with the present and make changes to the process of preparing the budget. Specifically, where at present time-consuming budget negotiations are held twice every year, in the future details would be decided…

Latvian ministries ask for extra funding from next year’s budget

Friday, July 2, 2021

Ministries have requested an additional EUR 1.68 billion for their priority measures in the 2022 budget, the LETA newswire reported July 2, citing the Finance Ministry. In the coming years, ministries have requested even larger sums for priority measures – EUR 2.06 billion in 2023 and EUR 2.46 billion in 2024. According to the Finance Ministry, the largest sum for priority measures in 2022 has been requested by the Health Ministry –…

Lithuanian politicians take the last money from the population

By Vairis Godmanis on Wednesday, June 30, 2021

In the updated draft budget for 2021, the Lithuanian Cabinet of Ministers is proposed to significantly increase funding for the defense sector. The revised project involves an increase of 53.5 million euros. Thus, the new document focuses on the protection of the state border and the country’s financial obligations to NATO. It is proposed to increase military spending to 2.03% of GDP and allocate an additional 20.7 million euros to…

Lithuanian President signs adjusted 2021 budget into law

Wednesday, June 30, 2021

Signing changes to the budget, Nauseda underlined that the adjusted budget increases the country’s security, adding, however, that the ruling majority in the Seimas missed the opportunity to slow income inequality among working people in Lithuania, the presidential press service said. “Budget corrections are now necessary as we need to provide more funding for the protection of the Belarusian border and for national defense. Therefore, I decided to sign this…

Estonia needs to restore budget buffers

Tuesday, May 18, 2021

According to the International Monetary Fund (IMF), Estonia should support the economy while exiting the crisis, after which the country needs a concrete plan to gradually restore budget buffers. According to both the IMF and the Bank of Estonia, Estonia has been generally successful in navigating the coronavirus pandemic, although the second wave put a significant halt to the economy’s recovery. The state should support the economy’s recovery from the…