20th May 2011
Parliament approved 2011 budget
Yesterday, the National Assembly swiftly approved 28 trillion strol Budget for fiscal year 2011-2012, with 302 yes vote and 220 nay vote. National Treasury Office estimated that the budget will created over 2 million jobs in the next 10 years and generates $300 billion in new revenue. Democrats has praised the budget that as farsighted which cares for the interest and well-being of the people. Conservatives criticised the budget as full of pork barrel spending, tax hiking and a vote-buying attempt for this year election.
Here is a summary of the budget:
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Resources Rent Taxes will slapped 40% levy on all mining and ore extraction profits.
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Introduction of tax surcharges on soda, alcohol and fats will reduce healthcare demands and spending by about 10% in the next 10 years.
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10% rises in Value-Added Taxes on luxury products such as private jets, yatch, branded wine, graves and jewellery.
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100 billion strol in workfare schemes, job trainning and income supplement to secure jobs, improve work productivity and raise wage for low income groups.
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Taxpayers shall receive budget dividend of up to 1000 strol, depending on their household and income.
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Defence spending raised by 3% this year. The new spending will concentrated on areas such as nuclear arsenal, missile defence system, aircraft carrier projects and a new generation of jetfighters. Recently, the armed forces had outline its goals for next five years is to pursue a blue water navy, expands military projection and seek better cooperation on security issues.
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Increase employers contribution to employees’ personal NIF (National Insurance Funds), Stromburg’s social security by about 3%.
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Allocation of 100 billion strol for public works and housing improvement policy.
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Investing 500 billion strol on infrastructure project including high speed rails, strategic petroleum reserves, fibre optic broadband subsidies, nuclear power, water conservation, renewable energy, agricultural research and biotechnology.
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Education, healthcare and social welfare will see an average 3% increase in spending.