Reporting on budgetary figures recently released by the government, the Liechtensteiner Vaterland news service revealed this week that the jurisdiction's state accounts are likely to close with a deficit of nearly 8 million francs in 2003, citing a reduction in earnings coupled with increased state expenditure as contributory factors.
In order to prevent the deficit from increasing in size in the short-term, the Vaterland reported, the principality's authorities have decided to decrease from 50% to 45% the share taken by the 11 local authorities (or communes) from taxes on capital and proceeds. The fiscal compensation received by the communes from the government is also set to be reduced from 15% to 14%.
The local newspaper revealed that in this way, the Liechtenstein government hopes to save itself some 11 million francs. The predicted 8 million franc deficit, meanwhile, will likely be covered by reserve funds.
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