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State budget concludes 2022 with a deficit and uncollected revenue

Photo: BGNES

For the first time in many years, the state has been unable to collect the projected sum om VAT – it is 670 million Leva short (EUR 335 million), the Finance Ministry has announced.

In July, parliament updated the budget, raising the projected GDP growth, and adding 11 billion Leva (EUR 5.5 billion) of expenditure. But due to the fact that differentiated VAT was retained for tourism, restaurants, bread and flour, the revenues expected have not been collected, the Finance Ministry says. The taxes collected in the 2022 budget amount to 31.6 billion Leva (EUR 15.7 billion), which is only 100 million Leva (EUR 50 million) more than planned. The overfulfilment comes from corporate tax and from taxation of incomes of natural persons, whereas indirect taxes  – VAT and excise – are below the projected levels for the year, the ministry points out.

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