Bulgaria Kicks Off 2024 with Approved State Budget Amid Economic Projections

Bulgaria ushers in the new year on a different note, as the State Budget Act for 2024 gets the green light, marking a departure from previous years of budgetary uncertainties. The freshly ratified budget signifies a significant milestone, offering stability as the nation steps into the year ahead.

This budget, crafted for the first time in consecutive years, forecasts a 3% deficit, signaling a cautiously balanced fiscal approach. Additionally, economic projections paint an optimistic picture, with an estimated annual inflation of 4.8% and a projected 3.2% growth in the country's economy.

In a move to refine tax categorizations, the National Revenue Agency rolled out updated criteria delineating large and medium-sized taxpayers. As per the new guidelines, 1,350 large companies have contributed substantially, each contributing more than 1.5 million euros to the national budget over the past year.

Under the revised criteria, large companies are now defined as those generating over 1.75 million euros annually or with sales revenue exceeding 150 million euros. Meanwhile, average taxpayers are characterized by contributions surpassing €0.75m or sales revenue crossing the €7.5m mark, encompassing around 3,300 companies in Bulgaria.

This budgetary update and refined tax categorization serve as pivotal steps in Bulgaria's financial landscape, setting the stage for fiscal stability and strategic revenue generation in the year ahead.

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