Ministry of Finance

"We Continue the Change" (WCC) has announced that Bulgaria will start the new year without an approved state budget. This follows the Ministry of Finance's decision not to submit an extension for the 2024 budget, leaving the country in a difficult financial position for 2025.

Bulgaria's Ministry of Finance has decided to abandon the proposed tax on subsoil resources, according to Acting Deputy Prime Minister and Minister of Finance, Lyudmila Petkova. During a parliamentary blitz control, Petkova explained that the Minister of Energy would increase concession fees to compensate, at least partially, for the anticipated revenue loss.

A Chinese official walks by the China and U.S. national flags before a meeting between Commerce Secretary Gina Raimondo and Chinese Minister of Commerce Wang Wentao at the Ministry of Commerce in Beijing on Aug. 28, 2023

Preliminary data from Bulgaria's Ministry of Finance indicates a slight reduction in the budget deficit for November compared to October. By the end of November, the deficit is expected to stand at 3.7 billion leva, marking a decrease from nearly 4 billion leva reported in October.

Bulgaria's Deputy Prime Minister and Finance Minister Lyudmila Petkova stated that the Ministry of Finance has developed various revenue and expenditure measures to keep next year's budget deficit within 3% of GDP on an accrual basis. Following a meeting of the National Council for Tripartite Cooperation, Petkova confirmed that there are no planned tax increases for 2025.

Bulgarian farmers impacted by the import of agricultural crops from Ukraine are set to receive 200 million leva in compensation, as part of the government's allocation from the so-called "Ukrainian aid" package.

Bulgaria's Ministry of Finance is optimistic that the final requirement for joining the Eurozone will be met by December, according to acting Deputy Prime Minister and Minister Lyudmila Petkova. This criterion pertains to inflation, and Bulgaria plans to request a new assessment within two weeks following its fulfillment.

In 2023, 50% of taxpayers reported an annual income of up to 7,680 euros to the tax authorities, resulting in an average tax rate of just 10.41%. Only 10% reported income over 20,842 euros, according to an analysis of data submitted by 9,017,477 taxpayers.

Particularly interesting are the figures showing that:

The Ministry of Finance shows, as a rule, a certain self-restraint. It knows it is walking a tightrope. Such was the case in April, long before the European Parliament elections, when Finance Minister Kostis Hatzidakis rushed (as if he was afraid of something) to prevent future pressures on fiscal stability.

The Ministry of Finance is considering a plan – The platform for road taxes is scheduled to open for every month