Estonia: Government agrees on state budget for 2024

The Estonian government has agreed on the state budget for 2024, Prime Minister Kaja Kallas announced, ERR reports. Under the agreement, the government will introduce no new taxes in addition to ones implemented earlier. The government will not impose a new tax on commercial banks, which will instead pay more taxable dividends. Also, the government will postpone the introduction of new taxes on cars and sugar until 2025, Postimees reports. Finance Minister Mart Võrklaev said that the state budget would have a deficit of 2.8% of GDP. He pledged that the government would reduce the national debt burden from 30% to 23% of GDP by 2027. Meanwhile, Kallas said that the government would need new broad-based sources of revenue in 2025, particularly for defence and security, education, and social protection. State investments will amount to EUR 1.7bn in 2024, of which EUR 1.2bn will come from foreign funds and EUR 500mn from the state budget.

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