04.04.2013

 "The "Golden Standard" for the companies meeting certain standards will be introduced at the beginning of May. This standard envisages that because of their tax compliance the VAT will be refunded to them within 10 days", Minister of Finance Kalin Hristov stated in an interview for Nova TV "Zdravey, Bulgaria (Hello, Bulgaria) programme. Compared with February last year revenues have risen by 4.4 %, while VAT revenues - by 23 %. The only drop is in the excise duty on fuels, which Minister Hristov explained with the uncertain economic environment in the country and the protests in February. "As of the moment there is no risk of underperformance of revenues or implementation of the budget", that is how Kalin Hristov commented the February financial results.

Minister Hristov commented the top topic about the liabilities of the State to the businesses - from the total of BGN 108 million debt, BGN 85 million are systemic cases of debt accumulation by two ministries. Each line ministry has its own budget and it should pay the companies. "My responsibility as Finance Minister is to ensure the ministries' budgets", Hristov clarified.

In connection with the emergency social assistance measures taken, the Caretaker Government has never announced that there will be a one-off assistance for mothers across the board, but only for those from the most vulnerable groups with low income. "The maintenance expenditure of the ministries is cut in order to make the resources available. I am sure that this would in no way raise risks for the overall budget implementation or the implementation of the Government's investment intentions", Hristov added. "A second packet to assist the most vulnerable can be approved only by the next government", the Caretaker Government Minister of Finance further said.

Minister Hristov stated that everything achieved since 1997 was thanks to the stability of the Lev and the currency board, to the sustainable banking system and the fiscal policy. According to him no politician would question these principles because without macroeconomic stability people wouldn't have economic confidence to consume or the businesses to invest. In regard to the discussions about maintaining the flat rate tax Hristov said that in an economy that was relatively underdeveloped the only way for people to participate in the labour market was to have low rate income taxes and the businesses to invest when the corporation tax rate was low.