Cabinet to discuss Lithuania’s 2017 budget draft

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At its meeting on Monday morning, the government will discuss the draft submitted by the Finance Ministry, which says that the main focus of the 2017 budget would be on bridging social gaps and strengthening of the defense system.

Consolidated central government and municipal revenue, including EU investment and other international support funds, is expected to grow by 5.9 percent next year compared with this year to 9.997 billion euros and expenditure is projected to increase by 5 percent to 10.580 billion euros.

The central government’s revenue should rise by 429.769 million euros, or 5.3 percent, to 8.476 billion euros and expenditure should go up by 372.883 million euros, or 4.3 percent, to 9.06 billion euros. The budget deficit is expected to narrow by 56.886 million euros, or 8.9 percent, to 583.403 million euros.

The biggest revenue is next year traditionally expected from value-added tax (VAT), projected at 3.327 billion euros, up by 9. 1 percent from 2016.

The four taxes account for some 87 percent of the central government and municipal revenue not including EU funds and other international aid. The bulk of allocations (including European Union investments and other international financial aid), 2.312 billion euros, should go towards the branches of economy, which include transport, energy and agriculture

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