29.05.2012

There is no formula for calculating what the size of the fiscal reserve should be. There should be reserves but their level must be reasonable, Deputy Minister of Finance Vladislav Goranov explained in an interview for 168 Chasa (168 Hours) weekly. He added that the Government\'s policy was to keep the reserve at the lowest possible costs because to maintain it at high levels was too costly.

Vladislav Goranov stated that the fight against VAT fraud continued. There are plans to introduce a common system between the NRA and the Customs in respect of excise duties on fuel, which should eliminate any evasion or non-payment. He noted that VAT and excise duties collection continued improving, as demonstrated by 2012 Q1 data. In April the budget deficit has fallen and this trend is likely to continue, Goranov forecasted.