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BCCI with reserves to the Draft Law on the 2014 Budget



The Bulgarian Chamber of Commerce and Industry (BCCI) supports the 2014 Draft State Budget of the Republic of Bulgaria Law and the updated 2014-2016 Medium Term Budget Forecast in several basic aspects, considered as positive but in others the Chamber stays reserved. 
 
BCCI supports the following aspects:
 
• Preserving a stable macroeconomic environment;
 
• Maintaining the low tax rates for corporation and personal income taxes, as an important stimulus for investment, economic growth and employment; 
 
• Increasing the funds for education by additional BGN 100 million., as BCCI notes that of key significance to the successful and sustainable implementation of the various measures are the dialogue with the businesses and the conformity with the needs of the labour market; 
 
• The envisaged binding of the resources to concrete policies and distributing them for competition programmes;
 
At the same time BCCI stays reserved to the following:
 
• In the redistributive role of the state insignificant changes are being observed – 39.7% of GDP is expected for 2014 with a limitation to 40.0% compared to 2013 (including the contribution to the general EU budget). The right direction to follow should be towards its further reduction and limitation, as expected by the businesses and described in the Guidelines for the activity of BCCI for the period 2009-2014, regarding the limitation of the funds redistributed by the budget to a maximum of 35% of the GDP (37-38% along with the contribution into the general EU budget). 
  
• No actions towards reducing the taxation of sole proprietors (15%) are envisaged for 2014. The contrary approach – reducing the taxes for the sole proprietors as well as eliminating the tax on dividend of 5%, would create conditions for better growth. 
 
• An increase of the minimum wage for the country of 9,7% is being envisaged (from 310 BGN in 2013 to 340 BGN in 2014), without having a mechanism of objective criteria, which would be economically reasonable in terms of changing its size. For comparison, the real economic growth expected in 2013 is of 0,6%.
  
• Despite the initiatives to reduce the administrative burden for businesses, the latter would not be facilitated by the implementation of the e-government;
 
• The increase of the revenues from fees of BGN 12.9 million in 2014 compared to 2013 is unacceptable for their formation without being based on a cost-oriented principle. 
 
• Social expenditure (BGN 12.758.7 million), as the largest allocation of the budget, continue to increase under the unsettled issues of the pension system and the prognoses of almost insignificant employment growth.
 
At thus formed parameters and expected economic situation, BCCI believes that the budget is possible, nevertheless no change can be seen yet in the work of the supervisory bodies and the authorities that should provide a greater collection rate. Improving the work of the supervisory bodies will provide more revenues from social security contributions and taxes in the budget.
 

31.10.2013

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