Tuesday, 21 December 2010

Good news, we hope

The budget execution up to November 2010 was announced, and apparently a positive evolution in the budget deficit occurs.
Some information from municipalities and some other institutions is still missing but unlikely to change the tone.
Curiously enough, in the "missing" ones we have the Parliament, the "agency for modernization of public administration" and the "agency for the knowledge society". I thought that these would like to be in the forefront...
Major highlights (by the Government): lower spending growth and increases in revenue (check here - in Portuguese, and you can download the data ; soon to be in English as well).
My highlights - increase in VAT is kicking in and accounts for almost all increased revenue, but also tax on car sales (as people are anticipating purchases of new cars) and tax on tobacco. These last two compensate on decrease of direct taxes on income. Not yet a reduction in nominal spending, but 2011 should see it given the pay cut in civil service.
My wishes for the next budget execution bulletins (or some other bulletins) - a quick-and-dirty assessment of how evolution is linked to measures adopted.

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