Baku-APA. Czech President Vaclav Klaus Thursday signed the state budget bill for the year of 2013 into law, under which the planned deficit falls to 100 billion crowns (about 5.25 billion U.S. dollars), the Presidential Office said, APA reports.
The Chamber of Deputies passed the government-sponsored budget bill with some minor changes last week. This was preceded by the passing of the government tax package that increases VAT and other taxes and with which the budget bill reckoned.
Klaus repeatedly criticised the rise in VAT. However, he signed the crucial bill despite his objections.
The budget is projected with revenues at 1,080.8 billion crowns and expenditure at 1,180.8 billion crowns. The government wants to cover almost the whole 100 billion crown deficit with state bonds.
As usual, the Labor and Social Affairs Ministry will get the biggest slice from the budget - more than 512 billion crowns, which is more than two-fifths of overall state budget expenditures.
The spending on state debt interests will decrease by almost 11 billion crowns to 68.6 billion crowns compared with the approved budget for this year. The state debt is to grow to 1,762 billion crowns.
The budget counts with an economic growth of 0.7 percent and average inflation of 2.1 percent. (1 crown = 0.0525 U.S. dollar)
Follow us on Telegram
t.me/apanewsaz
Follow us on Instagram
Follow us on Facebook
Follow us on Twitter
