Bulgaria’s Jan-July Budget Surplus Nears 2 billion BGN

Nearly 2 billion BGN is the budget surplus as at the end of July, according to a report by Bulgaria’s Finance Minister Vladislav Goranov presented at the government meeting on 9^th of August.

Tax revenues in the treasury have grown, the spending too. Prime Minister Boyko Borisov told ministers that despite the good results, the government should not calm down but work even more actively.

Good financial results for the first six months of the year are the conclusion of the Finance Minister’s report on the execution of the budget.

Commenting on the financial framework, Prime Minister Boyko Borissov told the ministers that the political atmosphere in the country is important and that without saying it as a reproach, the caretakler government had collected 100 million BGN less for the two months of its term in office. According to Borissov, "any shaking in the state becomes a paradise for smuggling, but the good results in identifying irregularities come when the work of the revenue agencies, the law enforcement agencies and the prosecutor's office is coordinated. Borisov added that the budget surplus for the first half of the year will be kept for co-financing of EU projects.

The Prime Minister also said that the fight against smuggling and corruption continues, which will lead to more collected revenue. The goal is to use the funds for the implementation of various projects. Borisov gave an example with Varna, which needs opening of a corridor and road for heavy goods traffic to the ports – “a project that could be launched this Saturday’, he said. “So, it is not the time to calm down, but to work even more actively in order to collect more revenues", PM noted.

The budget surplus to June is 1.7 billion BGN, but it is lower than in June 2016, when the surplus reached 3.2 billion BGN.

Budget revenue amounted to almost 18 billion BNG and spending to 16 million BGN.

The main revenues are from taxes and social security contributions of 14.5 billion BGN. The main sources are tax receipts and social security contributions - about 1 billion, or 7.8% more than in the same period in 2016. Proceeds from VAT, excise and duties are higher.

The spending is about a billion more than the same period last year. The main reason is the higher amount of social and health insurance payments and the expenses for increased minimum pension to BGN 180 from 1 July.

The fiscal reserve is 13.2 billion BGN. At the same time, on 9^th of August, the Cabinet voted to approve a new Law on Measures against Money Laundering, which e4nvisages to expand the scope of the term "prominent political personality". Members of governing bodies of political parties will also fall into this category. This means that they, their relatives and business partners will be possible to be checked for the purposes of the law. Information will be requested from documents, from bank employees so that the law enforcement agencies will monitor for activities related to money-laundering.

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