Caretaker Financial Minister: Budget Surplus Is BGN 900 Million by August

Politics » DOMESTIC | September 1, 2021, Wednesday // 13:59
Bulgaria: Caretaker Financial Minister: Budget Surplus Is BGN 900 Million by August video caption

BGN 885 million is expected to be the surplus in the state budget by the end of August 2021, according to the Ministry of Finance.

According to data from Minister Asen Vassilev, it is expected that by the end of the year the revenues will be BGN 2 billion above the initial planning, and the possibility to use them is the main reason for the budget update proposed by the Caretaker Cabinet.

In August, the positive development from the previous months in the main taxes and social security contributions continues to be observed, as on a monthly basis for August the tax revenues increase nominally by about 18 percent (BGN 700 million) compared to the same month of the previous year. 

For the first eight months of 2021 the highest growth compared to the same period of the previous year is reported in corporate taxes (about 26 percent) and in the tax on dividends and liquidation shares of legal entities (over 55 percent), to which it contributes and the NRA's campaign for inspections in companies with large cash.

Revenues, grants and donations in the budget for the first eight months of 2021 are expected to amount to BGN 33.6 billion (70.5% of the annual estimate), as compared to the same period in 2020 there is an increase of nearly 4.7 billion BGN.

Expenditures (including the country's contribution to the EU budget) as of August 2021 are expected to amount to BGN 32.6 billion, which is 62.2% of the annual estimate. For comparison, the expenditures for the same period in 2020 amounted to BGN 27.2 billion.

The significant increase in spending by August 2021 is due to anti-covid measures.

These are payments under the measure "60/40", the measure "80/20", the measure "Keep me", the measure "Support through working capital for small and medium enterprises affected by the temporary anti-epidemic measures" contribute to the increase of the expenses for subsidies for non-financial enterprises ", administered by the NRA, and others.

Part of Bulgaria's contribution to the EU budget, paid as of August 2021 from the state budget, amounts to BGN 972.4 million, which is in compliance with the current legislation in the field of EU own resources.

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