Bulgarian Government to Delay 2027 Budget Submission

Prime Minister Rumen Radev announced that the Bulgarian government will submit the 2027 draft budget after the November 1 presidential election. This delay means the Cabinet will miss the October 31 deadline mandated by the Public Finance Act.

While the specific reasons for the delay were not provided, a budget plan outlining the 2027 financial framework was already submitted to the European Commission on October 15.

The proposed budget aims to reduce the budget deficit through several measures, including increasing the social security burden on businesses and workers, and implementing a 'superprofit' tax on sectors such as banking, telecommunications, and large retail chains. Notably, gambling companies are excluded from this tax.

Other planned measures for 2027 include: • Taking on at least 6.5 billion euros in new debt. • Increasing vignette and road toll prices. • Raising cigarette prices via higher tobacco taxes. • Increasing the optimal social security income to 2,400 euros. • Raising property tax assessments. • A potential increase in the minimum social security income to a ceiling of 690 euros.

The government also plans a 5% salary increase for the public sector, allocating 278.6 million euros for this purpose.