Revenues in Sofia increase by BGN 185.4 mln in Q1 of 2011

Proceeds in Sofia for Q1 2011were BGN 185.4 mln up from the same period of last year, the National Revenue Agency (NRA) reported. A total of BGN 1 bn from taxes and insurance instalments entered the Treasury, marking an increase of 22% since last year. Proceeds from VAT increased the most - by 121.7%. Revenues into the Republican budget amounted to BGN 718 mln, 32.7% (BGN 177 mln) up from the same period of last year. NRA’s proceeds from taxes alone stood at BGN 699 mln, increasing by 32% (BGN 169 mln) from Q1 2010. VAT proceeds totalled BGN 355.7 mln, or BGN 195.2 mln more, compared to the same period of last year.

The bad economic condition of companies and their reduced financial resources resulted in a drop in the collected corporate taxes, NRA reported. Back at the beginning of this year, the taxable profits of non-financial enterprises for the fiscal 2010 was expected to be some 15% lower, explained NRA sources.

Overall, proceeds in other cities have also increased. NRA-Varna collected almost BGN 65 mln in tax revenue for the first three months of 2011, or BGN 16 mln up from the same period of last year. Budget proceeds from corporate taxes increased by BGN 1.2 mln from 2010 and totalled BGN 18.5 mln. VAT proceeds in NRA-Varna amounted to BGN 28 mln, or BGN 13 mln up from Q1 2010.

For the same period, NRA-Burgas collected BGN 134 mln in Republican budget revenues, BGN 9 mln more than for the first quarter of last year. The highest growth, by 68%, was reported by collected VAT proceeds, which stood at BGN 25 mln, double the amount gathered last year.

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