Bulgarian Customs Agency Lagging Behind Collection Target by BGN 500M

Business » FINANCE | August 14, 2014, Thursday // 15:11| Views: | Comments: 0
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Bulgaria: Bulgarian Customs Agency Lagging Behind Collection Target by BGN 500M Customs Agency head Vanyo Tanov, photo by BGNES

Bulgaria's Customs Agency is lagging behind its collection target by nearly BGN 500 M.

A total of BGN 4.354 B has been collected by the customs authority since the beginning of 2014, according to reports of investor.bg.

In the first seven months of 2014, receipts from VAT were lower than the forecast and the result for the same period of 2013.

Excise duty receipts also lagged behind projections and only the receipts from customs duties exceeded the target.

In the first seven months of 2014, VAT receipts stood at BGN 2.069 B, down by BGN 349 M from the forecast for the period January-July 2014.

Receipts from VAT on imports decreased by BGN 105.5 M from the same period of 2013.

The collection of excise duties fell short of the target stipulated in State Budget 2014 by BGN 155.9 M.

In the first seven months of 2014, the customs authority collected excise duty of a total of BGN 2.195 B, compared to a forecast of BGN 2.351 B. Despite that, the score had improved by BGN 10.9 M as compared to the first seven months of 2013.

By end-July 2014, the Customs Agency reported customs duty receipts which exceeded the forecast by BGN 8.3 M and topped the score for the same period of 2013 by BGN 4.5 M. Customs duty receipts stood at a total of BGN 85.5 M.

The Customs Agency reported a collection rate which was BGN 496 M below the target.

The newly appointed Customs Agency Chair, Vanyo Tanov, who was also head of the customs authority during the term in office of the GERB government, stated that he had found the Agency in terrible condition and vowed to refer the matter to prosecutors.

Meanwhile, the National Revenue Agency announced on Wednesday that receipts from VAT and social security contributions in the first seven months of 2014 stood at over BGN 8.1 B, up by BGN 400 M from the same period of 2013.

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Tags: Customs Agency, Customs Agency head, Vanyo Tanov, National Revenue Agency, VAT, Value Added Tax, excise duty, customs duties
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