The MPs approved, at first reading, the update of the state budget. As of 1 July a differentiated VAT rate is being put in place – for bread VAT will be zero, for natural gas supplies – 9% instead of the current 20%. VAT on wine and beer served at bars and restaurants will be 20%, up from 9%, a reduction that was introduced during the pandemic. Pensions are to go up as well.
The budget is calculated at an economic growth of 2.9% and an annual inflation rate of 11.9%, even though, according to the National Statistical Institute, annual inflation now stands at over 15%.
The most heated debates in plenary were over the increase in the debt limit to EUR 5.1 billion. Deputy Prime Minister and Minister of Finance Assen Vassilev gave as the reason for this the need to revolve old government debts.
Until the end of 2024, businesses will continue to receive compensations for high electricity prices. They will be 100% after a price of over 90 euros per megawatt hour on the stock exchange. The previous threshold was 100 euros. The..
Deposits in banks for the first quarter of 2024 have reached a record level of 75.4 billion euros. From January to March, deposits grew by EUR 1.35 billion or by 1.8%. The rise is mainly due to increased household deposits, the..
Although bilateral trade reached nearly $4 billion last year, there are still untapped opportunities to further increase Bulgarian exports to China. This was made clear at a meeting between the Minister of Economy and Industry, Mr. Petko Nikolov, and..
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