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Home BUSINESSTaxes to hike, costs to cut in upcoming budget
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Thu, 14 Mar, 2013 02:58:15 AM
Minister hints a deficit budget
Adjustment budget may damage economy, experts
FTimes-STT Report, March 14

The Finance Minister and chairperson of the ruling Social Democratic  Party, Jutta Urpilainen on Wednesday said that  the government might increase the taxes and cut the cost as an integration move in the upcoming budget to make the economy more effective.

 
The minister made the remarks at the plenary session of the parliament. The budget session is scheduled to be begun next week.
 
Terming the role of the social partners as crucial from the perspective of policy maker, she said that the country´s moderate role in social solution might bring an advantage for the government to take more risk in the economic planning.
 
Explaining the economic mechanism of the country, Urpilainen straightway admitted that the growth in last year was not up to the mark and total output has worsened.
 
The Finance minister hinted to  prepare a deficit budget for the next fiscal and said that  the increasing taxes and spending cut should be taken into account to enact a modest budget, which would make all the parties satisfied.
 
The Minister, however, did not specify the amount to be adjusted in the budget. Meanwhile, the research institute of Finnish Economy, ETLA earlier told STT that the deficit should be EUR 1000 million, if it wants to recover debt.
 
Although the adjustment may have more efficient measures, the institute believes that such adjustment was not needed at this moment as it might damage whole the economy.
 
However, the finance minister, repeatedly saying that an urgent need for work and growth policy can ensure the boost of the economoy. She referred the issues related to providing compensation to the corporations and industry.
 
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