In their recent presentation of the outline for Luxembourg's 2003 budget, Prime Minister and Finance Minister Jean Claude Juncker, Budget Minister Luc Frieden, and Economy Minister Henri Grethen predicted an expenditure increase of 7.72%, Luxembourg News Online reported this week.
This increase in spending to 6.465,8 million euro was facilitated by an 8.22% increase in tax revenue, according to the ministers.
Speaking late last month, prior to the release of the budget outline, Prime Minister Juncker announced that the formulation of the new finance bill was complicated by the global economic uncertainty which followed the September 11 attacks. However, he explained that both he and the Budget Minister were happy with the results of the tax reforms enacted in 2001 and 2002, and that tax income for this year has been more or less as expected.
The Luxembourg news service revealed that VAT collection has so far been disappointing, but that the government is confident that this situation will improve by the end of 2002.
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