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Wednesday 17.01.2018 | Name days: Tenis, Dravis
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Latvian government to tackle budget formation next week

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUNext week, the Latvian government will begin intensive work on the development of Latvia’s budget for 2015-2017.

In accordance with Latvian government’s approved budget formation schedule, work on next year’s and medium-term budgets will begin November 10th, when it is planned to call an emergency government meeting. During this meeting, it is planned to confirm actualized macroeconomic indexes, tax and non-tax revenue and general budget balance outlooks for 2015-2017. It is also planned to approve bases for the state budget and state special budget for 2015-2017. The government will also be presented Finance Ministry’s report on proposals that have been submitted for review and requests on whether or not it will be possible to reduce requirements for new political initiatives and their estimated funding.

The emergency meeting will also feature a report in regard to amendments to regulations that would expand fiscal space by improving tax administration. The Fiscal Risks Declaration will also be reviewed.

The government will continue talks about the budget November 11th. If necessary, emergency meetings will be called November 12th and 13th. It is during these meetings the government will discuss and decide on medium-term budget for 2015-2017. An emergency meeting is also planned for November 14th, when officials will review European Commission’s recommendations for Latvia’s budget plan of 2015.

The budget draft is planned to be reviewed on emergency meetings on December 2nd and 5th. The medium-term budget draft and next year’s budget draft is planned by the approved by the government on December 8th.

Finance Ministry’s Communications Department’s Director Aleksis Jarockis says it is very important to approve next year’s budget in 2014. This is because municipalities have their own budgets to plan and because 2015 will be the year of Latvia’s presidency over the European Union.

Ref: 102.109.109.3025


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