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Revenues from Corporate Taxes Up by 8.4% Q3 2017

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Revenues from Corporate Taxes Up by 8.4% Q3 2017

(September 11, 2017 Sofia) At the beginning of the third quarter of 2017, the revenues from corporate taxes have increased by 8.4% y/y, a report of the Finance Ministry shows.

In the period January-July 2017, the collected corporate taxes amount to BGN1.317 b, which is an increase by BGN 102 m from last year.

This tendency shows that the share of the grey sector of the Bulgarian economy is shrinking.

The revenues from VAT at the beginning of Q3 2017 have increased by BGN 383 m and amount BGN to 5.471 b. This 7.5-percent increase surpasses by far the country's 3.4-percent economic growth for 2016.

Social security premiums account for the largest share of the increase in the revenues from corporate taxes this year – 14.3%, or BGN 593 m, owing mostly to the increase by one percent in the pension contributions as of January 1st, 2017 and of the minimum monthly salary – from 420 to 460 BGN.

The revenues from corporate income tax have also increased by BGN 151 m, or 8.65%.

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