/ world today news/ The country’s fiscal reserve reached almost BGN 6 billion at the end of March. The Ministry of Finance reported an increase of BGN 1.7 billion compared to the first quarter of 2018. Then the fiscal reserve had melted down to BGN 4.2 billion.
Better collection of direct taxes and insurances and greater receipts of aid related to European programs, Finance Minister Petar Chobanov reports for the first three months of the year. They are the reason why revenues in the treasury grew by BGN 417 million to BGN 6.575 billion. However, the revenues from VAT and excise taxes decreased mainly as a result of their accelerated recovery for businesses.
The budget deficit for the first quarter is BGN 874 million, which is BGN 76.2 million more than the same period last year. The reason is higher costs due to the increase in pensions from April 1, 2013, as well as higher costs for national co-financing of European projects.
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