Revenue Collection of Bulgaria's Customs Agency at 96% of 2013 Target

Politics » DOMESTIC | January 24, 2014, Friday // 15:53| Views: | Comments: 0
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Bulgaria's Customs Agency reported revenues of over BGN 8.02 B in 2013, or 96.1% of the target.

The largest share of revenues was that of excise duty, at BGN 4.05 B, which, however fell short of the BGN 4.11 B target, according to a report of the Customs Agency for 2013.

VAT revenues amounted to BGN 3.81 B, at 93% of the 2013 target.

There was overachievement of the duties target, at BGN 146 M, or 122% of the target. The increase was mainly due to the product groups of sugars and sugar confectionery, machines and apparatus and clothing, imported from China, Brazil, Russia and Japan.

In 2013, the Customs Agency registered an increase in revenues on an annual basis, compared to a rate of BGN 7.9 B in 2012.

Fuels and lubricants were the biggest source of VAT revenues for the Customs Agency, bringing BGN 1.68 B into the state coffers. However, VAT revenues from fuels and lubricants decreased by 5% on an annual basis.

VAT revenues from industrial supplies increased by 9.5% to a rate of BGN 1.22 B.

The biggest increase was registered in the group of foods and beverages, where VAT revenues went up by 23% to BGN 142.6 B.

As regards revenues from excise duty, the biggest share was generated by fuels, at 47.7% of the total.

In 2013, revenues from fuel excise duty registered a slight increase by 0.3% to BGN 1.93 B.

Bulgaria's exports increased by 6.7% to a total value of BGN 18.3 B in 2013, according to reports of the Customs Agency. In terms of quantity, exports grew by 9.7%.

The main export destinations for Bulgarian goods were Turkey (21.4% relative share), Macedonia (7%), China (9.6%), and Russia (6.1%).

Bulgaria's exports to China mainly consisted of industrial copper and copper ore, the main export goods to Turkey were metals and fuels, and exports to Macedonia consisted primarily of lime and fuels.

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Tags: Customs Agency, revenue collection, excise duty, VAT, exports
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