Polish cabinet adopts 2016 budget bill w/ PLN 54.6 bln deficit cap

Poland’s cabinet adopted the bill on 2016 budget, confirming plans for headline deficit cap at PLN 54.6 bln, Finance Minister Mateusz Szczurek told a news briefing.

All the major budget figures were left largely intact, Szczurek said.

The government previously assumed a PLN 351.5 bln 2016 budget, based on GDP growth of 3.8% and average annual inflation at 1.7%.

Total revenues were planned at PLN 296.88 bln. The sum includes VAT receipts of PLN 128.37 bln and excise tax receipts of PLN 64 bln.

The government is constitutionally required to submit a budget bill for the upcoming calendar year to parliament by end-September. Still, the new government to be formed after the October 25 parliamentary elections will need to re-submit the bill to parliament, and is free to make changes, time permitting.

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