05.02.2014

"Three are the main indicators measuring the 2013 budget implementation and all three show that we have achieved the targets set after its revision", Minister of Finance Petar Chobanov stated at a press conference after the Council of Ministers meeting at which the information on the 2013 budget of the Republic implementation prepared based on the monthly reports on the cash implementation of first level spending units has been approved. The deficit (under CFP) is 1.8%, which is by BGN 150 million lower than the planned 2% deficit and that proves that the apocalyptic "forecasts" after the budget revision last year have not happened, Minister Chobanov commented. The fiscal reserve is by BGN 200 million higher than the provided for in the Budget Law BGN 4.5 billion, and the debt, the limit in the Budget Law being BGN 14.6 billion, at the end of the year is BGN 14.1 billion, i.e. by BGN 500 million less.

The Minister of Finance commented the underperformance of the two revenue agencies, which was below BGN 200 million, and specified that there were several factors behind that which were difficult to forecast. The underperformance of the tax revenues in the 2013 budget is affected by the reimbursements under appealed and revoked audit statements of NRA amounting to BGN 150 million from past years, BGN 90 million interest on non-refunded tax credit that in 2012 have been reported as revenue, and the reimbursement of over-paid corporation tax from previous years to the amount of BGN 170 million.

Petar Chobanov announced that he expected better revenue performance for January compared to January 2013 and the deficit to be lower than the one in previous January.

In line with the measures to improve the NRA work, today, Minister Chobanov will send a letter to the Executive Director of the revenue agency whereby he will insist on 20% optimisation of the central administration in order that human resource to be used for strengthening the control functions of the tax administration. Minister Chobanov said that he expected the Customs Agency Director to present soon a draft Rules of Organisation and the specific changes that would improve the work of the customs.