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Ceturtdiena 22.02.2018 | Name days: Rigonda, Adrians, Ārija
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Government of Latvia adopts budget amendments

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Baltic news, News from Latvia, BNN-NEWS.COM, BNN-NEWS.RUToday, April 4, the government of Latvia adopted amendments to the law On the State Budget for 2011 to be passed over to the Saeima on Tuesday, April 5.

After the amendments are introduced it is planned to collect 4.256 billion lats in revenue, with 4.747 billion lats in expenditure in 2011.

Previously the budget plan forecast collecting 1 758 995 815 lats in revenue derived from tax, while the amendments provide collecting additional 48 242 716 lats, thus overall in 2011 it is planned to collect 1 807 238 531 lats.

Initially, it was planned the budget deficit will reach 4%, however after the amendments it will drop down to 3.3% of GDP. These estimates do not yet include municipalities budget performance.

Earmarked grants allocated to municipalities make up 215 499 265 lats after the amendments.

As reported, the government has already previously agreed on several tax rises to collect additional 22 752 001 lats this year and 47 501 912 in 2012. While budget expenditure is cut 6 781 135 lats in 2011 and 11 249 781 lats in 2012.

On April 5 international lenders – International Monetary Fund and the European Commission – will come to Latvia to assess the budget amendments, economy stabilization performance and work on 2012 budget.

As reported, international lenders have pointed out they would like to see more ambitious budget deficit aims next year – below the already set 3% of GDP, which means an even greatest budget deficit cut that planned.

While the key direction of future consolidation to draw revenue from is set to be real estate reform, which could bring 7 million per year, starting from 2012. Similarly, it is also planned to collect much more from shadow economy combat. Regarding budget expenditure, it is planned to optimize base and special budget by ensuring the necessary fiscal impact to meet the aims of the loan programme.


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