X hits on this document

52 views

0 shares

0 downloads

0 comments

17 / 24

PUBLIC FINANCEs

16

2005-2006

2006-2007

Budgetary transactions of the Consolidated Revenue Fund

Own-source revenue Federal transfers Total revenue Program spending Debt service Total expenditure

45 476 9 972 55 448 -48 940 -6 849 -55 789

47 105 10 796 57 901 -50 873 -7 205 -58 078

Net results of consolidated organizations

341

177

Budgetary balance2 Net results of the Generations Fund Consolidated budgetary balance

0 - 0

0 74 74

ResponsiBle management OF PUBLIC FINANCEs

ENCOURAgE ECONOMIC gROwTh

  • Continue with the reform of corporate taxation to support employment and investment:

    • reduction of more than 50% in the tax on capital by 2009;

    • reduction of the tax rate of SMEs from 8.5% to 8.0%;

    • reductions of nearly 1.0% in two years.

  • Investments of $75 million over three years for innovation and research and development:

    • capitalize university research;

    • improve R&D incentives for SMEs.

  • $925 million more over four years to support workers, regions and

Québec’s forest industry.

summaRy of consolidated BudgetaRy and financial tRansactions1 (MILLIONs OF DOLLARs)

1 2

Preliminary results for 2005-2006. Budgetary balance for the purposes of the Balanced Budget Act.

nominal gdp gRowth and pRogRam spending (PERCENTAgE)

5

4.6

4.2

4

3.9

3.7

3

2

1

0

Average annual growth rate from 2003-2004 to 2005-2006

Growth rate in 2006-2007

INvEsTINg IN OUR FUTURE

  • From 2003-2004 to 2005-2006, the average annual growth in program spending was 3.7%, which is less than the increase in gross domestic product over the same period.

  • In 2006-2007, the government is maintaining its objective of controlling spending, which will rise by 3.9% compared with GDP growth of 4.2%.

  • As has been the case in recent years, the government is maintaining its commitment to invest in health and education, while continuing to control spending in 2006-2007.

    • 6.3% in health and social services;

    • 5.4% in education, recreation and sport;

    • -

      0.2% in other portfolios.

Nominal GDP

Program spending

Source: Ministère des Finances.

MEAsUREs CONCERNINg INDIvIDUALs

  • Personal income tax will be reduced by $362 million, mainly because the deduction for workers is raised from $500 to $1 000.

  • In less than four years, the difference in tax burden with the other provinces will have fallen from $2.2 billion to less than $1 billion.

  • $159 million to facilitate home support for seniors.

ECONOMIC AND FINANCIAL PROFILE OF QUÉBEC

Document info
Document views52
Page views52
Page last viewedMon Dec 05 16:49:00 UTC 2016
Pages24
Paragraphs1375
Words7528

Comments