Bulgaria: Petrol and Diesel Prices are still Rising
The price of A95 gasoline at the main gas stations in Sofia reaches from BGN 3.35 (EUR 1.71) to BGN 3.43 (EUR 1.75) per liter, and diesel - from BGN 3.50 to BGN 3.58
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Bulgaria's Budget 2013 envisages increases of the excise duty rate on diesel, gasoil and kerosene.
The increase in the excise rate on gasoil from BGN 630 per 1000 liters to BGN 645 per 1000 liters is expected to have a positive impact on the budget estimated at around BGN 30 M, according to Bulgaria's draft 2013 State Budget Act.
At the same time, the increase from BGN 630 per 1000 liters to BGN 645 per 1000 liters in the excise duty rate on kerosene is not expected to influence the budget because this type of fuel is mainly used for filling up aircraft flying to international destinations and the paid excise duty is reimbursed within the periods stipulated in the Excise Duties and Warehouses Act.
Excise duty receipts are to account for 14.1% of the planned receipts for 2013, with VAT receipts to have a 25.8% share of the total, social security contributions to amount to 19.8% of the total and income tax receipts to have a stake of 8.3% of the total.
Excise duty receipts are to grow by a total of BGN 190 M to BGN 4.3 B in 2013.
At the same time, the anticipated total amount of excise duty receipts under the Consolidated Fiscal Program for 2012 is BGN 4.12 B.
Bulgaria's Finance Ministry attributed the proposed changes in some excise duty rates to the requirements set out in EU Directives and the commitments Bulgaria made to gradually increase fuel excise tax rates until they reach the EU minimum threshold.
Under Bulgaria's EU Accession Treaty, the country is to reach the EU minimum excise rates of EUR 330 (BGN 645/1000 liters) per 1000 liters on gasoil and kerosene by January 1, 2013.
Bulgaria's draft Budget 2013 does not envisage an increase in direct taxes, while the trend for consistent transfer of the tax burden to the indirect taxes continues, as demonstrated by the hikes in certain excise duty rates.
The amendments to tax laws are aimed at improving the tax practice, the efficiency of the revenue administrations and the increase in budget receipts, according to Bulgaria's draft 2013 State Budget Act.
The impact of the tax policy n 2013 is also expected to make only a small contribution to inflation because the direct impact of the planned 2.4% increase in the excise tax on diesel is estimated at 0.001 percentage points.
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