Bulgaria's Fiscal Reserve Climbs to BGN 4.9 B Apr 2012

The headquarters of Bulgaria's Finance Ministry in downtown Sofia. File photo

Bulgaria's fiscal reserve by April 30, 2012, amounted to BGN 4.9 B, according to flash estimates released Thursday by the press office of the Bulgarian Finance Ministry.

According to government data about the first half of 2011, published at the end of August 2011, as of June 30, 2011, Bulgaria's state fiscal reserve amounted to BGN 5.2 B.

On monthly basis, in April, the revenues exceed expenditures by BGN 469 M, which is the largest monthly surplus since January 2009.

For the January – April 2012 period, the budget deficit in the consolidated fiscal program (CFP) has shrunk to BGN 217.2 M, which is a 60% reduction of the deficit registered for the same period of 2011.

The improvement is attributed mainly to the improved collection of revenues, particularly of tax revenues, the Finance Ministry points out.

Value Added Tax, VAT, revenues for the first four months of 2012 have increased nominally by over 22%, compared to the same period of 2011; those from excise duties – by nearly 7%.

Non - tax revenues and benefits at the end of April have increased by BGN 94.7 M.

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