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Bulgaria's Revenue up by 20% in January-October 2008

Date: 04.12.2008

Bulgaria's revenue under its consolidated fiscal program in the first ten months of 2008 was over BGN 23 B, according to a report on the implementation of this year's budget published by the Finance Ministry.

Thus, the total budget revenue is up by BGN 3,7 B, or 19,2% compared to the first ten months of 2007. It is 84,8% of the sum envisaged in the 2008 budget.

Bulgaria's revenue from direct taxes in January-October 2008 was BGN 4,3 B, a 19,2% increase, and from indirect taxes - close to BGN 10 B, or an increase of 21,3%.

The state income from social and health insurance payments was BGN 4,3 B, and the non-tax revenue was BGN 3,4 B (a 16,6% increase, and 110% of the sum envisaged in the 2008 budget).

According to the Finance Ministry, several factors are contributing to the increased revenue of the Bulgarian state in January-October 2008, including the BGN 286,6 M the country received as interest payments from Iraq under the debt repayment agreement; the higher installment by the Bulgarian National Bank (BGN 50,6 M above the stipulated sum); the successful implementation of state fees, and the sale of state assets.

The advance payments from EU's structural and cohesion funds, and from the pre-accession programs totaled about BGN 1 B including BGN 871 M of EU money, and BGN 169 M of national financing.

Bulgaria's budget expenditure in January-October 2008 amounted to BGN 18 B, including the payment of an installment of BGN 577 M for the country's EU membership.

The budget expenditure was 71,1% of what was envisaged in the the 2008 budget. Bulgaria's fiscal reserve was BGN 12 B, and the budget surplus was BGN 4,6 B.

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