Belgium Presented the Budget for 2014

Minister of Finance of Belgium Gens Cohen presented the details of the project budget for 2014 aimed, in particular, to reduce labor costs and increase purchasing power.

Minister of Finance of Belgium Gens Cohen presented the details of the project budget for 2014 aimed, in particular, to reduce labor costs and increase purchasing power.

The Financial Bill for 2014 provides a number of fiscal stimulus measures totaling 151 million euros (166 million dollars), as well as savings of approximately 560 million euros next year.

In the search for additional sources of income for the state draft budget cancels the exemption from excise tax, which is currently used by enterprises in Belgium, whose work is connected with biofuels. Implemented at the request of the EU measure will bring about 118 million euros in the budget. Also, the bill provides an additional income of $ 25 million which is scheduled to get through tax regulation.

In addition, efforts to optimize working methods of the Belgian Ministry of Finance, the expectations of experts from the government should bring about 109 million euros. These measures include the issuance and use of pre-filled tax returns, computerization and improvement of tax legislation.

Fiscal stimulus package includes government plans to introduce tax breaks for investments in small and medium-sized enterprises in Belgium at the initial stage of their development, with the possibility of extension. In addition, budget cuts envisaged in the design of the fourth and fifth members of staff. At the moment, small and medium enterprises enjoy tax benefits in the recruitment of the first three employees.

Finally, the government plans to reduce the costs of overtime in the sector of hotel and restaurant business, as well as in the construction field. It intends to increase the number of overtime hours, the payment of which is taxed, from 130 to 180 hours.
Belgium budget for 2014 also provides a structural deficit of 1.2%.

More Belgian fnancial and banking news are available at http://bankbelgium.com

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Economy