(NW) Tax Agency Reports Lv 914 Mln-Plus Year-on-Year Revenue Rise for Q1

May 6 (BTA) – Bulgaria’s National Revenue Agency (NRA) collected almost 8.8 billion leva by April 28, 2021, which was by over 914 million leva more than in the like period of 2020, the NRA said in a press release. “The balance between the measures to encourage and support voluntary compliance with the law and the control mechanisms applied by the Agency underlie this success,” NRA Executive Director Galya Dimitrova commented. By the end of April 2020, tax revenues added up to 7.9 billion leva. Tax and social-security contribution revenues broke a record despite the ongoing pandemic situation and the deferral of the remittance of corporation tax to June 2021 from March, the Agency pointed out. Income taxes on natural persons yielded revenues exceeding 1.3 billion leva by April 28, 2021, corporation taxes brought in 490 million leva, and value added tax 2.8 billion leva. Social-security contributions paid for the period totalled 3.7 billion leva, of which 2.2 billion leva in public social insurance contributions, 942 million leva in health insurance contributions, and 527 million leva in supplementary compulsory retirement insurance contributions. Revenues from income taxes on natural persons showed the largest year-on-year increase, 12 per cent, followed by value added tax, over 10 per cent. As a result of legislative revisions, revenues from corporation taxes decreased by some 7 per cent, but this is expected to be fully offset by the end of June, which is the new deadline for remitting this type of tax. Revenues from social-security contributions grew at a steady 8 per cent from the like period a year ago, the Agency said. LN/LG