From Iceland — Budget Round-Up!

Budget Round-Up!

Published October 1, 2013

The government has submitted their omnibus budget bill to parliament, increasing spending by 23%. Below are some of the proposed changes to spending.
The 2014 budget proposal from the Progressive-Independence Party coalition, RÚV reports, has government expenditures increasing by 23%. But some got more money than others.
The Icelandic Film Centre is going to feel the axe, as the bill proposes cutting their annual budget from 1.1 billion ISK to 735 million ISK, Vísir reports.
Despite worries that the National Broadcasting Service (RÚV) was going to feel the pinch, the budget bill actually proposes giving them a 319 million ISK raise, putting their annual budget at 3.5 billion ISK.
Meanwhile, smokers and drinkers better save their spare change: tax on alcohol and tobacco will be raised, although it has not yet been decided by how much.
The National Church is likely pleased with the new budget bill: the legislation outlines giving the church a raise, from about 1.44 billion ISK to 1.47 billion ISK per year.
If you plan on checking into the hospital, you might want to think twice: new fees for hospital stays are proposed, RÚV reports, while the government also wants to review the hospital’s budget for technical equipment.
Iceland’s children might want to consider getting part-time jobs, as the budget bill proposes numerous cuts to the arts, Vísir reports, including – but not limited to – the Children’s Cultural Fund, and school fees will be raised by some 25%. At the same time, cuts of about 1.5% will also be made to maternity- and paternity leave.
100 million ISK will go to designing a new hospital, while the police will be getting an additional 500 million ISK.
Last but not least, if you make between 225,000 ISK to 700,000 ISK per month, congratulations: your taxes will be lowered, from 25.8% of your gross income to 25%.

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