Finance Minister Simeon Djankov: A new, short law will set the salaries of the senior administration

“A new, short law, other than the draft bill on the administration, will set the amount of salaries of senior government officials,” Finance Minister Simeon Djankov said on BNT. “The current awkward situation with the bonuses confirmed the need for transparent regulations for determining the remuneration not only of the state administration, but also of politicians,” said the Deputy Prime Minister.

According to him, the Civil Servants Act will also fix the problems in the institutions outside the state administration – the National Health Care Fund, the National Social Insurance Institute and a considerable part of the committees. A table will be published on the Internet, specifying the range of the remuneration for each position.

Meanwhile, during his visit to Russe, the Finance Minister said that a decision for reducing the value added tax (VAT) might be made in May, if the 2012 budget allows it. Currently, the results for the fulfilment of the budget for the next three or four months are expected. For the first two months we have overfulfilled the budget by BGN 200 mln. “We will probably wait in March and April and in May, we will decide whether we can make this step this year,” Djankov pointed out. His desire is to reduce VAT in two stages – from 20% to 19% and from 19% to 18%. “Every percentage of VAT is equivalent to around BGN 700 mln in the budget. Thus, if we go down to 19% - this will mean some BGN 700 mln less revenues in the budget,” specified the Finance Minister. “Of course, consumption will increase somewhat and we expect to get back around BGN 150-200 mln because of this. So, the Treasury will lose a net amount of BGN 0.5 bn, but, on the other hand - all consumers will benefit,” Djankov added.

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