Finland Unveils 2012 Supplementary Budget

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On 28 March 2012, it was reported that the Finish government has recently unveiled details of its 2012 supplementary budget proposal, revising the tax revenue estimate upwards and providing for an increase in expenditure. It has also published details of its 2013-2016 spending limits decision.

The sum total of budgeted expenditure for 2012 would thus reach EUR52.7bn. With revenue estimated to come in at EUR45.3bn, the budget in 2012 would thus show a deficit of EUR7.5bn.

The factors with the greatest bearing on revenue estimates are the one percentage point increase in value-added tax, which rose to 23% from 22% in July 2010, and the discontinuation of the inflation adjustments in earned income taxation in 2013 and 2014.

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