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Czech Finmin says to submit new 2013 budget in 30 days
October 23, 2012 / 10:35 AM / 5 years ago

Czech Finmin says to submit new 2013 budget in 30 days

PRAGUE (Reuters) - The Czech Finance Ministry will submit a new 2013 budget proposal in 30 days, Minister Miroslav Kalousek said on Tuesday, shortly after the government decided to pull an original draft from a parliamentary session due to start later in the day.

The government abandoned draft due to a rebellion in the ruling Civic Democrat Party over separately debated tax hikes that are fundamental to the spending bill and the government’s plan to cut the budget deficit below 3 percent of gross domestic product next year.

“If legislation on the revenue side cannot be approved, it is necessary, in the name of the highest priority, which is concluding the (EU) excessive deficit procedure and maintaining confidence and sovereignty on financial markets, to choose a worse solution, which is lowering expenditure,” Finance Minister Miroslav Kalousek said.

That bill, to which Prime Minister Petr Necas has tied a confidence vote in his government that is expected on Friday, is being contested by a group of rebel deputies in Necas’s ruling Civic Democrat Party and may fail to gain majority support.

Reporting by Jason Hovet; writing by Michael Winfrey

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