Customs revenue growth accelerates in October.
Customs revenue growth accelerates in October. Revenues from import and excise charges collected by the customs authorities increased by 33% y/y in October and 30% y/y in Jan-Oct following some slowdown in the growth rate in Q3 driven by administrative changes mainly. As of July 1 this year, the customs authorities expanded the coverage of their excise tax collection to both imported and locally produced goods. The process has brought some delays in the payment of excise taxes on imported goods but the wider taxation base generates significant one-effects in the customs statistics and their impact will increase in the upcoming months. The total amount of revenues, including VAT, tariffs, fees and other charges on imports as well as excise charges collected by customs offices, has reached BGN 5.68bn (EUR 2.9bn) in Jan-Oct accounting for 94% of the full-year plan and 12.5% of the projected full-year GDP.