Revenues from taxes on a monthly basis increase for the first time

For the first time since the beginning of the crisis, Bulgaria registered growth of tax revenues on a monthly basis in August, became clear from the reports of the National Revenue Agency (NRA) and the Customs Agency to the Parliamentary Budget and Finance Committee. Deputy Finance Minister Vladislav Goranov commented that these were the first positive signals of the fulfillment of the revenues projected in the State budget. The increase in revenues was mainly due to the growth of industrial production and the agricultural sector, he added. According to him, the planned 3.8% deficit on an accrual basis was still realistic and will be achieved in the 2010 budget. The Ministry of Finance forecasts that some 99.6% of the pledged revenues will be fulfilled, and expects overfulfillment of the projected revenues from VAT and non-fulfillment of revenues from excise duties.

Vanyo Tanov, Executive Director of the Customs Agency, said that the agency’s revenues for 2009 stood at BGN 6.358 bn; the projection for 2010 was BGN 6.592 bn and the expected fulfillment will amount to BGN 6.56 bn. He specified that revenues from VAT registered growth, compared to 2009 and that the fulfillment of the revenue side of the Customs Agency in the 2010 budget is beyond doubt.