Ministry calculates the real sums involved in debt restructuring

Due to the accepted programme of restructuring company debts, the budget will only receive zl. 423 million from restructuring fees instead of the planned zl. 623 million. The Finance Ministry told journalists that the total value of applications for debt restructuring amounted to zl. 12 billion, while the restructuring fee will produce revenues of zl. 700 million. From this sum the budget will receive zl. 423 million because the rest will be spent on various social funds. Over 90% of all debt restructuring applications came from SME's. The Ministry was happy with its successful introduction of so-called tax bonus, which allowed the suspension of taxes worth zl. 5.1 billion. "Restructuring and the bonus meant that 350,000 jobs were saved," said Deputy Finance Minister Wieslaw Ciesielski. The lower debt restructuring revenues means that the budget deficit will increase by a further zl. 200 million, but, "We hope for higher than expected tax revenues from companies included in the programme," said Deputy Finance Minister Irena Ozog. (Puls Biznesu, pp. 1, 24; Rzeczpospolita, p. B2) M.M.