The true budget deficit at the end of 2023 will amount to over 206 billion PLN. The budget debate taking place in Sejm is based on the draft budget, which does not show the full picture of state’s expenditures and revenues. Pursuant to the Public Finance Act, the management of public funds is open and transparent.
In times of galloping inflation, the Polish government creates another inflation impulse – the “Coal allowance”, the payment of which is expected to cost as much as PLN 11.5 billion.
The Bulgarian government will spend over BGN 63 billion in 2022. For the first time, Bulgarian citizens can track the spending of their funds on a daily base in an accessible, interactive, and easy to use application.
Inflation is often referred to as a tax, imposed without parliamentary approval, without legislation and without considering the consequences. Today’s inflation is special: printing money seemed to be pretty much the only way to respond to the pandemic and to finance rising public spending.
Right before Christmas the EC presented a directive proposal targeting the profits of large multinational companies. The new rules propose imposing a minimum corporate income tax of 15% on large companies.
Some respected economists identified the issue of consolidation in public budget already in 2022 as a third-order problem. From an analytical point of view, he is, of course, right. A one-year deficit of 10% of GDP is nothing compared to a permanent two to five per cent deficit in the pension system with a declining workforce.
On May 11, 2021, Lithuania celebrates The Day of Respect for the Taxpayers. On this occasion, the Lithuanian Free Market Institute (LFMI) invited everyone to thank all taxpayers for their contribution to the welfare of the country.
Hungary is the black sheep of the European Union. Its contrarian agenda offends the common opinion of other member states. Just recently, the Hungarian government not only threatened to veto the EU recovery budget but also voiced its opposition to the Gender Action Plan, a foreign policy initiative to buttress the rights of women, girls and LGBTQI worldwide. But don’t be fooled: behind this maverick political performance of the Orban government lies a shrewd and…
The next five years will be crucial. Public finances should come out of huge deficits, and the lesson from the previous crisis is clear. Tax increases will never be temporary. Pulling the tax brake can serve as an additional “austerity” argument in the discussion on lowering the deficit.