The Ministry of Finance Published the Draft State Budget of the Republic of Bulgaria for 2018
The Ministry of Finance published the draft state budget of the Republic of Bulgaria for 2018 and the updated mid-term budget forecast for the period 2018-2020, which is the motives for it, reported BGNES.
In the period 2018-2020, the government will continue to focus its efforts in support of preserving economic and financial stability and creating conditions for economic growth in line with the priorities, objectives and measures set out in the Government Program for the period 2017-2021, the Ministry of Finance announced.
The revenue side of the budget in the medium term envisages a reduction of 36.2% of GDP in 2018 to 35.5% of GDP in 2020. In the medium term, no major tax changes are expected, which are one of the main instruments of fiscal policy. In order to achieve the minimum levels of excise duty rates in the EU and according to the agreed transition period, a gradual increase of the excise rate of cigarettes is expected to reach the minimum excise duty of BGN 177 per 1000 pieces as of 01.01.2018.
The Budget Priorities 2018 focus on measures related to the continuation of reforms in the education sector, defense and security, social and health policies, and the presidency of the EU Council in the first half of 2018.
The updated mid-term budget forecast for the period 2018-2020 includes an increase in the minimum wage from BGN 460 to BGN 510 from January 1, 2018, to BGN 560 from January 1, 2019, and BGN 610 from January 1 2020 year.
With a declining ratio of government debt to еxpected GDP over the three-year period, the debt at the end of 2020 is likely to be BGN 23.8 billion or 20.0% of GDP, which is an indicator of the country's improved budget position.
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