Finance Minister: The ban on the import of Ukrainian grain resulted in losses to the amount of 146 million BGN

The ban on Ukrainian grain imports, which the caretaker cabinet requested from the European Commission, has so far caused losses to the treasury in the amount of 146 million BGN from unpaid VAT, Minister of Finance, Assen Vassilev, told a briefing on September 13.

"By the end of the year, we expect the losses to be 40 million BGN per month if the trend continues. With this ill-considered decision, the caretaker cabinet has deprived the treasury of revenue and made the entire Bulgarian people pay more expensive bread, more expensive flour, oil, fodder, and hence higher prices for dairy and meat products. And all this in order to protect a sector that last year generated a profit of BGN 2.5 billion. The sensible policy is, if there are producers who would really be in difficulty and would make a loss, to have targeted aid for those producers. But to exempt imports in order to generate revenue for the Treasury and to eat cheaper food. This is the responsible decision for the benefit of all Bulgarian citizens."

Vassilev outlined the main financial and economic aspects of the debate for and against Ukrainian grain imports.

"The revenue from grain production last year, when Ukrainian imports were allowed, was BGN 9.976 billion. The profit, on which taxes were paid, for the grain production sector was BGN 2.507 billion. For 2021, the revenue was BGN 7.965 billion and the profit was BGN 1.862 billion. The sector is a major user of subsidy under the fuel excise exemption. This represents BGN 100 million in unpaid excise duty to the Treasury from the sector. The subsidy to all agricultural users is BGN 1.6 billion for 2021, and BGN 1.96 billion for 2022."

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