On Wednesday, the Senate passed the 2024 budget bill without amendments. The bill will now be signed by President Andrzej Duda.
62 senators voted in favor of adopting the law, 30 were against and no one abstained.
Earlier – on January 18 – the 2024 budget was adopted by the Sejm. 240 parliamentarians (MPs from KO, PSL, Polski 2050 and Left) voted in favor of adopting the budget in the proposed form. 191 deputies (Law and Justice and Confederation) voted against. Three MPs abstained: two from the Kukiz’15 group and one from PiS. Some parliamentarians did not participate in the vote (including twelve MPs from PiS, five from KO and three from the Confederation).
Budget Act 2024
The Budget Law specifies the annual plan of income and expenditure, as well as state income and expenditure. The project assumes that state revenues for this year will amount to almost PLN 682.4 billion. The project assumes that almost PLN 603.9 billion in taxes will be collected. The spending limit for 2024 set in the draft law is almost PLN 866.4 billion. The state’s budget deficit is expected to not exceed PLN 184 billion. The budget deficit of the European funds was set at PLN 32.5 billion. The budget provides, among other things, money for the continuation of programs such as “Rodzina 800 plus”, Family Care Capital, as well as the indexation of pension and disability benefits. When preparing the budget, it was assumed that GDP growth would be 3% and average annual inflation would be 6.6%. Investments will increase by 4.4%, which is partly due to the implementation of projects from the National Reconstruction Plan.
According to procedure, the budget bill must be submitted to the President for signature before January 29. As stated in art. 224 of the Constitution, the president can sign the budget law within seven days, or he can ask the Constitutional Court to assess whether its provisions are in accordance with the Constitution. The Constitutional Court has a maximum of two months from the date of submission of the request to render a ruling.
Source: Do Rzeczy
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
