Bulgaria Reports BGN 4.9 B Fiscal Reserve by Oct 2013
The budget balance in Bulgaria under the Consolidated Fiscal Program (CFP) as of October 31, 2013, was negative.
The data was reported by the Bulgarian Ministry of Finance Monday.
At the end of October, the budget deficit amounted to BGN 443.0 M, compared to BGN 360 M in September. The deficit is formed by a deficit in the national budget of BGN 204.4 M and a deficit in EU funds of BGN 238.6 million.
The fiscal reserve at the end of October was BGN 4.9 billion. It was BGN 5.8 B in May 2013.
Consolidated revenues and grants under CFP as of October 30, 2013 stood at BGN 23 751.3 M, or 78.2% of the annual plans for 2013 under the State Budget Law. Compared to 2012, CFP proceeds and grants report a nominal growth by 7.3% (BGN 1 623.9 M) as of October 2013.
At end-October 2013 tax proceeds, including revenues from social security contributions, totaled BGN 18 470.6 M, which is 80.8% of the 2013 plans.
Revenues from direct taxes amounted to BGN 3 150.1 M at the end of October 2013, or 77.8% of the plans for the year. Revenues from indirect taxes amounted to BGN 9 619.9 M, or 80.7% of the annual plans for 2013.
VAT revenues amounted to BGN 6 105.3 M, or 79.8% of the annual plans; excise duty revenues were BGN 3 370.4 M (81.9% of the annual plans), customs duty revenues - BGN 124 3 M (103.6% of the annual plans) and revenues from insurance premium tax were BGN 19.9 M (70.8% of the annual plans).
Proceeds from other taxes under the Corporate Income Tax Law, including property taxes, amounted to BGN 698 5 M, or 86,3% of the planned for 2013. Revenues from social security and health insurance contributions as of October 31, 2013, were BGN 5 002.1 M, or 82.4% of those planned for the year.
Non-tax revenues and grant revenues amounted to BGN 5 280.6 M, or 70.1% of those planned for the year. This is a 22.3% growth, compared to the same period of 2012.
The expenditures under the consolidated budget, including Bulgaria's contribution to the EU budget, amounted to BGN 24 194.2 M at the end of October, which is 75.7% of the annual plans.
Compared to the first seven months of 2012, CFP expenditures have increased by BGN 1 992.7 M, or by 9.0%. Compared to the same period of last year, there is a growth in social and health insurance payments, interest expenditure, capital expenditure, maintenance expenditure, expenditure on the part of Bulgaria's contribution to the EU, etc.
Non-interest current expenditures amounted to BGN 19 953.5 M, capital expenditures amounted to BGN 2 790.9 M, while interest payments - to BGN 660.0 M.
Bulgaria's contribution to the EU budget, as paid as of October 31, 2013, from the central budget, amounted to BGN 789.9 M, which complies with Council Regulation 1150/2000 of 22 May 2000 implementing Decision 94/728/EC, Euratom on the system of the Communities' own resources.
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It is time to increase taxes on people earning big money.
People who earn 50,000+ Levs per year should pay 25% tax and people earning 100,000+ Levs per year should pay 40% tax.
Bulgaria has by far the lowest rate of tax in the EU, time maybe to study Robin Hood!