Bulgaria VAT Revenue Down by BGN 800 M in Q1

Finance | April 16, 2010, Friday // 20:01|  views

Krasimir Stefanov, NRA Director. Photo by BGNES

The value-added tax revenues of the Bulgarian government dropped by BGN 800 M in the first quarter of 2009 year-on-year.

This was announced Friday by the executive director of the National Revenue Agency, Krasimir Stefanov.

Earlier this week Bulgaria's Finance Minister Simeon Djankov announced that VAT company refunds for the first three months of the new year amount to about BGN 400 M, and that an amount of around BGN 308 M remains to be refunded to private businesses.

The fewer state revenues at the beginning of 2010 have urged the Borisov government to seek emergency measures to raise money or to cut state spending in order to alleviate the situation of the state budget.

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Tags: National Revenue Agency, VAT, Krasimir Stefanov, state revenue

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