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Home BUSINESSGovt finalises 2015 supplementary budget draft
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Tue, 10 Feb, 2015 12:03:24 AM
Unemployment to reach 8.8%
FTimes Report, Feb 10

The government on Monday concluded negotiations on the supplementary budget for 2015.

The supplementary budget draft is to be forwarded to parliament for approval on Thursday, said an official press release.

According to the release, the budget shows a slight growth in the middle of 2014 and is expected to remain sluggish in the current year.

The economic recovery is supported by gradual recovery of exports and kick-start of investments.

The unemployment rate is forecast to rise to 8.8 per cent, even though employment rose by 0.1 per cent compared to the previous year.

The government will invest in infrastructure, employment and entrepreneurship, said the release.

The government has decided to invest approximately 280 million euros to boost growth and employment leading to the need for additional appropriation of approximately 80 million euros for 2015.

Additional six million euros was allocated to develop quality education in 2015, returning the appropriation to the level of the draft budget.

The government has also decided to submit a bill to parliament during this parliamentary term to amend the VAT Act in such a way that, from the beginning of 2016, the threshold of VAT will rise to 10,000 euros and of tax relief to 30,000 euros.

The current minimum threshold for VAT is 8,500 euros while for the tax relief it is 22,500 euros.

The government has also proposed that inheritance and gift law generations relief provisions be amended so that payment period would be extended from five to seven years.

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