Bulgaria unveils package today aimed at protecting low-income companies and consumers rise in energy and food prices caused by the conflict in Ukraine, as announced by the Prime Minister Kirill Petkov.
The package agreed by the ruling coalition includes support measures of 2 billion leva ($ 1.08 billion), from tax cuts on bread and heating and a reduction in vehicle fuel to an increase in state pensions and tax benefits. for new families.
The new package follows other measures that have kept household electricity prices unchanged since last July.
“The measures are an opportunity to support the most vulnerable, who are most at risk from the impact of inflation, and to focus on fuel and energy,” Petkov told reporters. “The package guarantees that the standard of living of all Bulgarians will be maintained,” he said.
According to the plan, the poorest EU member state increase state pensions by an average of about 20%, increase tax benefits for new parents, abolish VAT on bread and reduce heating and gas tax for households to 9% for a year from him since July.
The government will also offer a 0.25 leva discount per liter on petrol, diesel, LPG and methane from July until the end of the year and will abolish excise taxes on gas, electricity and methane.
Transport companies were calling for emergency measures to offset the high cost of fuel. Inflation rose to 14.4% in April, the highest level since 2008.
Bulgaria, which saw its gas supply cut off by Russia in late April for refusing to pay in rubles, rushed to replace those supplies with US liquefied natural gas and increased shipments from Azerbaijan.
He has argued that gas prices will be cheaper than those of Russia’s Gazprom and has called for an exemption from a European embargo on Russian oil.
The package is not expected to raise the 4% of GDP deficit target this year and will be financed by increased tax revenues, according to officials.
The measures will be financed in part by taxing the “additional” profits of energy companies due to rising oil and gas prices. The exact calculations will be determined during the review of the state budget in July, said Economy Minister Assen Vassilev.
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