Budget 2015 came into effect on January 1

The budget 2015, which has come into effect from January 1, aims at establishing macroeconomic balances, debt reduction, sustainable economic growth, increased investment and ensuring the reforms undertaken. For 2015, economic growth is projected at 3%.

In this year’s budget, the total revenue is projected at around ALL 414.4 billion, or about 27.8% of GDP, with an increase in nominal terms by ALL 49.7 billion compared with the initial budget of 2014.

According to the Ministry of Finance, increased revenues are due to the fight against tax evasion, not tax increases. Total public expenditure for 2015 is planned to reach ALL 475 billion, or about 31.7% of GDP.

The budget deficit for 2015 is projected to drop to 4% of GDP from 6.6% that was planned in 2014 budget.  /m.k/.