2011 - a revenue of BGN 400 mln more than Djankov's forecasts

In 2011, Bulgarian public finances fared better than expected. The budget hole in the Treasury shrank by 44%, down to BGN 1.58 bn, compared to 2010, or 2.1% of the projected GDP, according to data of the Ministry of Finance. In the previous fiscal year, the budget deficit reached BGN 2.82 bn or 4% of GDP. Moreover, the reported results, besides being much lower than the level in 2010, were BGN 381 mln less or 20% lower than the figures planned in the State Budget Act.

The experts from the Ministry of Finance reported that the shortage was accrued as a result of the national budget deficit of BGN 1.75 bn and the surplus from EU grants amounting to BGN 167.9 mln. A total of BGN 2.99 bn had to be absorbed under various EU grant projects but, in 2011, Bulgaria absorbed BGN 2.8 bn or 6% based on the annual budget plan.

The lower deficit was also a result of the austerity measures in the budget expenditures part, as well as of the collection of the highest possible amount of revenues. Last year, a total of BGN 25.37 bn were infused into the Treasury and, based on the budget projection, the financial performance stood at 96.8%. According to the financial institution, last year, tax revenues reached levels very close to the budgeted figure of 99.5%. The collected non-tax revenues of 101% were higher than projected. In total, BGN 20.59 bn or 27% of GDP were infused into the State Treasury as a result of the collection of tax revenues and of non-tax proceeds amounting to BGN 4.78 bn. Regarding the tax revenue part of the budget, there is non-performance of the budget estimates only with respect to the growth of corporate taxes and incomes from social security contributions, but their small amount has been compensated by revenues generated as a result of the imposition of indirect taxes. Thus, as a result of the imposition of direct taxes, the Bulgarian state has collected BGN 3.7 bn or 96.9% of the projected funds. Revenues collected from the imposition of indirect taxes reached BGN 10.6 bn or 102.2% based on the annual financial statement, while revenues from other taxes (including other taxes stipulated in the Corporate Income Tax Act, property taxes, etc.) amounted to BGN 792 mln, or 103.2% based on the budget plan 2011.

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