Банкеръ Weekly

Briefs

Q1 2006 REVENUES GROWTH REACHED 9.9%

The growth of budget revenues for the first quarter of 2006 was 9.9%, the Finance Ministry's report on the budget's fulfilment, discussed by the Cabinet on Wednesday (May 3) said. Collected proceeds in January-March amounted to BGN3.028BN, or 24.6% of the planned for the entire year. The increase is foremost due to the higher excise duties, introduced as of the beginning of the year. The total amount of tax proceeds for the first three months was BGN2.637BN, of which BGN186.2MN from VAT, BGN21.9MNB from excise duties, and BGN10.1MN from import duties.
Non-tax revenues and financial assistance during the above-mentioned period amounted to BGN390.8MN. or 25.2% of the planned for 2006.
Budget expenditures in Q1 2006 totalled BGN2.408BN, or 20.2% of the planned. Non-interest payments amounted to BGN1.194BN, and BGN333.5MN was paid in interest. Transfers to other budgets were worth BGN881.6MN.
BGN 479.1MN was remitted to municipalities, BGN398.1MN - to the National Social Security Institute, and BGN53.4MN - to the Judiciary.
The fiscal reserve totalled BGN4.279BN in end-March.

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