16.03.2013

This government and I, as Minister of Finance, work in the context of an adopted budget which we cannot amend but must perform. This is what Minister of Finance Kalin Hristov says in an interview for Banker newspaper. He adds that this means that its revenue side must be performed obligatorily, which requires total mobilization of the revenue administrations. Mr. Hristov specifies that this cannot be achieved without stability and feasibility in those administrations. "That is why I do not intent to make any changes and destabilize both agencies. Naturally, if there are any gaps in their work, I have the full right to take the relevant measures".

The Finance Minister also adds that from revenue point of view, the proceeds from some of the taxes are smaller compared to January 2012. This, however, is explained by the amendments to tax laws concerning the methods of collection and the periods for payment of certain taxes, he specifies. These amendments point to the collection of some of the revenues later on in the year and we may not consider that there is a trend towards smaller revenue or that there are risks for the performance of the budget. Concerning the fiscal reserve dynamics, it is clear that it traditionally decreases at the start of the year, reminds Minister Kalin Hristov. One of the factors for this is that we made government debt interest payments at the start of the year. Later on, in April and May, which are traditionally strong in terms of revenue collection, the fiscal reserve is restored. "So, I expect the fiscal reserve to increase by the middle of the year and to exceed at the end of 2013 the minimum level of BGN 4.5 billion set by the State Budget Law.