site.bta2016 Budget Surplus Will Go to Fiscal Reserve

2016 Budget Surplus Will Go to Fiscal Reserve

Sofia, January 4 (BTA) - Speaking at the start of a government meeting on Wednesday, Deputy Finance Minister Kiril Ananiev said preliminary data show that 2016 will see a budget surplus of 1.5 billion leva for the first time since 2008. This is 1.5 per cent of GDP.

Ananiev recalled that Parliament set a 2 per cent deficit in the 2016 budget. The budget surplus will go the fiscal reserve, said the Deputy Minister. By comparison 2015 saw a deficit of 2.8 per cent.

Budgeted revenues have exceeded projections by 1.745 billion leva. After eliminating grants tax and non-tax revenues the overcollection of revenues is 2.5 billion leva. Of these, 2.137 billion leva have been collected by the National Revenue Agency and the Customs Agency. Tax revenues overshot the projections by 2.1 billion leva. Indirect taxes are 1.2 billion more. Ananiev said the better performance was the result of the better administration and coordination between the revenue agencies, the Interior Ministry, the services and the European partners. He said that this policy will continue.