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The Lithuanian Seimas (parliament) has adopted its state budget for 2016 and its expenditures exceed its revenues by 640 million Euros. The deficit budget was adopted in a vote of 76 for, 34 against, and 14 abstentions. The budget's revenue, together with the European Union's funds, is expected to amount to 8.046 billion Euros. Expenditures, on the other hand, are projected to reach 8.686 billion Euros.
The Lithuanian Seimas
The Lithuanian Seimas
© DELFI / Mindaugas Ažušilis

The new budget has tasked the Government with finding an additional 14,000 Euros for the Seimas Ombudsmen's Office and 500,000 Euros for the Fund of the Protected Area Directorate. 70 million Euros will be allocated from the Road Maintenance and Development Programme to asphalt gravel roads, and 7 million Euros will be granted for significant local infrastructure work on the Rail Baltica project.

The new budget has granted an additional 7.7 million Euros to the State Border Guard Service, the Fire and Rescue Department, the Public Security Service, the Police Department and other agencies. The State Security Department will receive 1.5 million Euros for the acquisition of new equipment. An additional 9 million Euros was found to increase wages for teachers and educators.

On 1 January 2016, the Lithuanian minimum wage will be increased from 325 to 350 Euros. The move will require 21 million Euros from state and municipal budgets.

It is projected that most of the revenue for 2016 - more than 3.049 billion Euros - will be collected from the value added tax (VAT). Excise duties will account for 1.172 billion Euros, 579 million Euros should come from corporate income taxes, and 362 million Euros should come from personal income taxes. Property taxes should bring 2.3 million Euros in revenue.

The budget was prepared based on the assumption that GDP will grow by 3.2 percent, while average annual inflation will be 1.4 percent.

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