Bulgaria's Revenue Agency: Collection Exceeds 2013 Target by BGN 126MFinance | January 26, 2014, Sunday // 11:10| views
Photo by BGNES
The revenues of the National Revenue Agency (NRA) exceed the 2013 target by BGN 126 M.
The biggest contributor to the overachievement was VAT, where receipts amounted to BGN 3.6 B, up by BGN 30 M from the 2013 target, according to a report of the NRA.
As regards social security payments, the NRA also registered a record collection rate, with receipts from social security contributions and health insurance contributions totaling nearly BGN 5.8 B. The collection rate exceeded the target by BGN 114 M, up by BGN 64 M from the health insurance contributions target and up by BGN 45 M from the compulsory supplementary pension insurance target.
As regards the personal income tax target, 95.4% of the target was achieved. The lag in this segment was mainly attributed to the changes related to the universal account introduced in the beginning of 2013 and the fact that the personal income tax installments in 2013 were 11, not 12.
Collection of non-tax revenues, among which penalties by other state bodies collected by the NRA, reached BGN 376 M, up by BGN 51 M from the 2013 target.
The balance of withheld VAT in end-2013 amounted to less than BGN 240 M, the lowest rate for the past 5 years.
Compared to 2012, VAT collection went up by BGN 191 M, corporate tax collection increased by BGN 116 M, and social security payments collection grew by BGN 296 M.
NRA Chief Executive Boyko Atanasov pointed out that the NRA had achieved excellent results in a very difficult year and thanked the NRA staff for the efforts aimed at improving collection.
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