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| Luxembourg Presents 2010 Budget |
by Ulrika Lomas, Tax-News.com, Brussels
Tuesday, October 06, 2009
Luxembourg’s Finance Minister Luc Frieden has presented the government’s
State budget for income and expenditure for 2010 to the Chamber of Deputies.
Referring to the 2010 budget as an “anti-crisis” budget, designed
to support the economy and to protect jobs, the Minister categorically ruled
out any increases or reductions in taxes for companies or individuals for next
year, adamant that there is currently no scope to implement tax cuts, and that
any rise in taxes would merely prove damaging to the economy.
According to the 2010 budget, the public administration deficit is set to reach
EUR1.6bn in 2010 (4.4% of GDP), the central government deficit is due to reach EUR2.2bn
(6.2% of GDP), and the local government deficit thought to rise to around EUR67.9m,
while the country’s social security surplus is estimated at around EUR742m.
Regarding the main sources of budgetary income for this year, income tax from
local authorities has declined by 15.5% between 2009 and 2010, the tax on the
net value added by a company has dwindled by 14.3%, and the subscription tax
levied on company securities has fallen by 15.4%. The tax withheld on wages
and salaries has, however, increased by 5.1%, as compared to the last year’s
budget.
Finance Minister Luc Frieden has revealed that the government intends to maintain
spending on public investment at a high level, although plans to cap expenditure
for subsequent years at the level fixed for 2010. Funding for businesses is
set to increase by 13% next year, and for Research and Development, investment
will rise from EUR203m to EUR210m.
Commenting on the budget, Luc Frieden emphasized the exceptional economic context
in which the budget had been drawn up, adding that the prevailing global economic
crisis has had a profound impact on the country’s economy
and budget. Although confirming that the situation is slowly improving, the
Minister nevertheless remained cautious. Determined to address the issue of
the country’s budget deficit, the Minister stressed that a budgetary
deficit is only acceptable in times of crisis.
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