Bulgaria's Tax Revenue Lower Than Last Year's

The tax revenues in Bulgaria in the first two months of 2014 are by BGN 12 M less, compared to the same period of 2013. 

The main reason are the lower VAT revenues and the increased capital, social and health spending. The budget deficit for January and February 2014 is BGN 688 M. 

Compared to the same period in 2013, however, the deficit is by BGN 43.8 M smaller. 

Bulgaria's fiscal reserve has dropped to BGN 4.2B, which is below the allowed minimum of BGN 4.5 B. 

According to the Finance Ministry, the country expects BGN 1.9 B to be restored by the EC for various projects and programs.

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