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Iceland Approves 2012 Budget Meant to Bridge $354 Million Gap

Dec. 7 (Bloomberg) -- Iceland’s parliament, Althingi, today passed the island’s 2012 budget, which is designed to bridge a 42 billion-kronur ($354 million) shortfall in public finances, according to the legislature’s website.

The equivalent of a value-added tax will be imposed on the north Atlantic island’s lenders, while the government plans to raise taxes for the use of natural resources, along with an increase in capital gains taxes.

To contact the reporter on this story: Omar R. Valdimarsson in Reykjavik valdimarsson@bloomberg.net.

To contact the editor responsible for this story: Jonas Bergman at jbergman@bloomberg.net

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