MinFin to work urgently on 2015 budget amendment
The Polish Finance Ministry will draft an amendment to the 2015 budget law and present it to the government on December 1, according to a ministry communique. The amendment will increase Poland's deficit by some PLN 3-4 billion.
"VAT receipts for 2015 were lower than assumed in the budget law by PLN 13.3 billion on November 26. Other taxes yielded slightly bigger receipts than assumed, but the overall gap is about PLN 12 billion", the ministry wrote on Friday.
"Considering the current state of affairs, the Finance Ministry will urgently draft a 2015 budget amendment which will be presented to the Council of Ministers on December 1, 2015 and then will be sent to the Sejm (lower house)", the ministry continued.
"Assuming natural budget savings similar to those of previous years, the amendment will increase the deficit by about PLN 3-4 billion", the communique reads.
The ministry added that work on the 2016 budget was also under way and that a draft would be submitted to the government in mid-December.
According to the 2015 budget law, the deficit should not exceed PLN 46.8 billion this year. Revenue is planned at over PLN 297.17 billion, and spending at over PLN 343.25 billion. GDP is assumed to grow by 3.4 percent, inflation is assumed at 1.2 percent and the public finance sector deficit at less than 2.8 percent of GDP. (PAP)
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