NewsLocalHouse plenum begins debate on 2022 state budget

House plenum begins debate on 2022 state budget

The House plenum on Wednesday will begin debate on the state budget shortly after a report by the Parliamentary Committee of Financial and Budgetary Affairs on the State Budget for 2022 is tabled.

Leaders of political parties represented at parliament will deliver a speech outlining their position on it, according to the Cyprus News Agency.

The state budget for 2022 provides for increased revenue and slightly reduced expenses, while an increase of 10% is recorded in development expenditure.

The growth of the economy in 2022 is projected at 4%, while the budget deficit is expected to record a significant decrease and reach 1.1% of GDP.
The state budget that has been submitted to Parliament will be in deficit for another year mainly due to the coronavirus pandemic.

Revenue, excluding financial flows, is expected to reach €6,731 million compared to revised revenue of €6,473 million in 2020, marking an increase of 4%.

The most important categories of revenue are direct and indirect taxes are projected at €5,193.3 million and constitute approximately 82% of total revenue.

The remaining 18% of revenue is budgeted at €1,132 million and concerns non-tax revenue such as sales of goods and services, rental rights and transfers/ sponsorships.

Expenditure, excluding loan repayments, is expected to show a slight decrease compared to the previous year. Specifically, for 2022 it is budgeted at €8,408 million compared to €8,479 million in 2021.

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