Банкеръ Weekly

Briefs

16.4% GROWTH OF BUDGET PROCEEDS

The budget proceeds for the first five months of the year marked a 16.4% growth from the same period of 2004, a report of the Finance Ministry on the fulfilment of the annual plan shows. BGN4.935BN entered the Treasury from January to May. The increase is mainly due to the better collectability of indirect taxes (excise duties and VAT), which could be considered as well a result of the higher volume of imports during the above-mentioned period. The Finance Ministry's analysis shows that proceeds from indirect taxes amount to BGN2.725BN. BGN1.188BN came from paid direct taxes. This is 49,9% of the planned revenues for the entire year. Non-tax proceeds amount to BGN1.010BN.The expenditures of the republican budget totalled BGN4.008BN by May 31. Non-interest expenses amounted to BGN2.237BN, and interest expenses - to BGN404.8MN.The net amount of republican budget transfers was BGN1.367BN. Municipalities were given BGN65.4MN. 350.8MN of that amount was the state transfer of ceded tax under the Natural Persons Income Tax Act, the subsidy from the central budget was BGN265.7MN, the transfer from other budgets amounted to BGN35.3MN, and the restored subsidy from past years into the central budget was BGN0.4MN. The National Insurance Institute received BGN405.6MN, and the judicial system - BGN79MN. The republican budget surplus totalled BGN926.7MN in end-May, and the fiscal reserve reached BGN5.198BN.

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