site.btaFinance Minister Assures Deficit in 2025 Budget Will Be under 3%

The draft budget for 2025 will have a deficit within 3%, which is the limit under the Public Finance Act, caretaker Deputy Prime Minister and Finance Minister Lyudmila Petkova said at a briefing at the Council of Ministers. 

"We are holding meetings in connection with the identified measures, both with the employers' and trade unions' organizations and the Association of Municipalities in the Republic of Bulgaria, as well as with some of the political parties in the 51st National Assembly. This was necessary because the analysis of revenue and expenditure for 2025 found that the expenditure under current policies and legislation is BGN 18 billion more than the revenues, calculated based on macroeconomic indicators and policies in place. In this regard, it was necessary to identify measures in terms of revenues and expenditure in order to present a budget with a 3% deficit," Petkova said. 

"Some of the revenue measures, after discussion with employers, trade unions and parliamentary parties, will not be tabled. The measures to increase social security contributions will not be tabled," the Finance Minister added. 

She said part of the revenue measures will be a levy on excess profits of banks, an underground wealth tax, a certain increase in excise duties on tobacco, tobacco products and alcoholic beverages, and some proposals related to the abolition of reduced rates.