site.btaFinance Minister Outlines Budget 2024

The budget will be made with a projected GDP of BGN 205 billion, inflation below 5% and income growth of 10% to 15%, Finance Minister Assen Vassilev announced on BNT Friday evening.

The Finance Ministry is working on several budget options for 2024. In the first half of November the tax laws will be adopted and by November 15 the draft budget will be presented for public discussion. 

According to Vassilev, the deficit should be set at 3% of GDP on an accrual basis and 2.5% on a cash basis, as will be the case this year.

Taxes in 2024 will not go up, but tax collection will be tightened, the Finance Minister said.

So far, tax collection has been going 16% better than last year, and by the end of the year the deficit will be just under 2.5% per cent. The Finance Ministry expects the level of government debt to GDP to fall by the end of the year and to be within 22-23% of GDP next year.

By the end of the year, Lukoil has to pay more than BGN 400 million in tax for this year. Profit tax for the company is 60%, on top of everything else they pay. "Gazprom has not yet reacted to the government's decision to levy the additional charge of BGN 20 per megawatt-hour and whether it will pay it will become clear on November 14, the Finance Minister said.