12.10.2012

The termination of the excessive deficit procedure, the solution to the issue about the 2013 deficit and the debt payment enable us to focus on the income policy in the 2013 budget, which is unthinkable in other countries, says for Capital Daily Vladislav Goranov, Deputy Minister of Finance. The three budgets so far were targeted at containing the sharp economic slowdown at the end of 2008 and the beginning of 2009 by making the systems viable and adaptable to the new level of financing, he explains. The nominal increase in consumption and the current account expand the VAT base, which justifies the expectations for better performance of VAT revenue next year as well, Goranov adds.

Asked about the announced taxation of deposit interest earnings, Deputy Minister Goranov says that no exceptions to taxation should be allowed in the adopted taxation system despite the low rates. He considers that there is a need for a debate about the role of the state in society and its reallocation functions. The connection between the fiscal devices and the NRA has already been introduced and there is no need to reconsider it, he says, mentioning that in the eight months of 2012 we witness a 11% growth of VAT revenue compared to the same period of last year.

The highest achievement of the Public Finance Law is that it stipulates a number of things that have been done so far but have not been regulated in a clear and sustainable manner. This is how Deputy Minister Goranov presents the draft law. He also mentions another asset of this law, i.e. the planning commitment. It introduces restrictions for amendments to policies and programmes already approved which allow to the Minister of Finance to make all sorts of changes in the individual policies and programmes, adds Mr. Goranov.