Lukashenka Signs 2008 State Budget Estimates into Law

Alyaksandr Lukashenka on December 26 signed the 2008 state budget estimates into law, Pavel Lyohki, head of the presidential press office, told BelaPAN.

According to him, the head of state also endorsed amendments to tax regulations and the State Duty Law.

Under the 2008 budget estimates, the budget’s revenues are projected to total 50.16 trillion rubels ($23,439 million), or 44.5 percent of GDP, with VAT expected to account for 30.7 percent of the revenues. More than 20 percent of the revenues is to come from “external economic activities,” 14 percent from company profit taxes, 10.2 percent from income taxes and nearly 10 percent from excise taxes.

Budget expenditures are estimated at 52.35 trillion rubels, or 46.4 percent of GDP.

The government projects next year’s budget deficit to amount to 2.19 billion rubels, or 1.9 percent of GDP. The government plans to obtain foreign loans for financing the deficit.

Social spending would reportedly account for 60 percent of all expenditures, with the average monthly pay projected at about 700,000 rubels ($327).

The budget provides for the financing of 47 state programs, 12 more than in 2007.