Friday, May 31, 2013

The Communist Party calls for more transparency in public finances.

The Communist Party of Malta deplores what have occurred recently in Parliament. An important matter, such as public finances in Parliament ended up in a partisan political squabble. The present situation, of the country's finances, is the result of the neoliberal policies upheld by the previous administration, which had always hid the state of the financial situation.
"The reduction in the rate of income tax from 35% to 25% for those earning between € 20,000 and € 60,000 will continue to put down the country's finances. Government revenues will decline, increasing the deficit, and the government will be forced to reduce the capital expenditure, in the social and educational fields ".
The party states that it "disagrees with the speech of the honorable Minister Edward Scicluna where he attributed  the increase in the deficit to the signing of collective agreements at the beginning of this year".
"It would be fairer if the Parliament gave a more clearer picture of the impact that this tax reduction, would leave on public finances", concluded the Communist Party of Malta.

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