Bulgaria: National Revenue Agency Reports Record High Budget Receipts

Business » FINANCE | May 6, 2021, Thursday // 11:10
Bulgaria: Bulgaria: National Revenue Agency Reports Record High Budget Receipts

Nearly BGN 8.8 billion is the worth of receipts in the National Revenue Agency as of April 28, 2021, which is over BGN 914 million more as compared to the same period last year, according to NRA data cited in an agency communication. At the end of April 2020, tax revenues amounted to BGN 7.9 billion.

The record revenues from taxes and social security contributions are reported in the context of an ongoing pandemic and in deferred payment of corporate tax postponed for June 2021 (instead of until the end of March), the revenue agency explains. As of April 28, 2021, revenues were: over BGN 1.3 billion from personal income tax, BGN 490 million from corporate taxes and BGN 2.8 billion from VAT.

The total amount of budget receipts from social security contributions for the period was BGN 3.7 billion, of which BGN 2.2 billion for state social security, BGN 942 million - for health insurance contributions and BGN 527 million - for supplementary compulsory pension insurance.

The highest is the increase in personal income tax receipts - over 12%, followed by value added tax - above 10%. There is a reduction of about 7% due to legal changes in corporate tax, but it is expected to be fully offset by the end of June, when the new deadline for payment of this type of tax is due to come into effect.

Revenues from social security contributions are growing steadily by about 8 percent as compared to the same period last year, the NRA added.

"The balance between measures to promote and support voluntary compliance with the law and the control mechanisms applied by the NRA are at the core of success.

We report an excellent result in the context of an ongoing pandemic with its economic and social impact and when, in addition to its main commitments, the NRA team implements the working capital support programme, under which we have so far paid over BGN 112 million, said executive director of the agency Galya Dimitrova commenting on the record revenues.

 

 

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Tags: Bulgaria, National Revenue Agency, budget receipts
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