Bulgaria's budget gap at EUR 244m in Jan 2011

Bulgaria's budget gap at EUR 244m in Jan 2011

Bulgaria ended January 2011 with a budget deficit of BGN 477.3 million (USD 337m/EUR 244m), slightly below the BGN 499.1 million gap registered in the same month of the previous year, the Finance Ministry said in a statement on Tuesday.

Budget receipts came in at BGN 1.675 billion in the period, down by BGN 74 million a year ago, while expenditures dropped by BGN 96 million to BGN 2.152 billion.

Excise duty collection fell by 26% in annual terms to BGN 323 million in the period, with cigarettes excise duties amounting to BGN 137 million of the total against BGN 320 million in January 2010.

The lower revenue from excise duties on cigarettes was partially offset by the 50% increase in excise taxes on fuels, which made up BGN 159.3 million in January against BGN 101.7 million a year ago.

Value-added tax (VAT) receipts totalled BGN 470 million, almost unchanged from 2010, while revenue from corporate income tax and individual income tax collections amounted to BGN 57 million and BGN 151 million, respectively. /Source Dnevnik/

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