Bulgaria PM: Revenues Could Be Up BGN 1 B in 2015

The state budget for 2015 will include up to BGN 1 B more in revenues compared to the previous year, Prime Minister Boyko Borisov has told participants in a meeting between government officials and business representatives.

In Borisov's words, the cabinet has already stepped up efforts to rein in the grey economy and smuggling activities, with meetings being held every Wednesday at his cabinet with ministers and officials from various institutions.

Borisov told attendants that the government was hugely committed to fulfilling the budget's income statement, with VAT fraud, tax evasion and deals in the shadow economy perceived as a top priority.

The event is dedicated to measures that the cabinet and businesses could take to speed up Bulgaria's sluggish economic growth, which according to various estimates is expected at around 1%.

Bulgaria is struggling to provide incentives to growth and to improve tax collection in a period when Bulgaria has significantly increased its debt following a crisis at Corporate Commercial Bank (KTB), which is undergoing insolvency proceedings, and gaps in the income statement.