CONSOLIDATED FISCAL PROGRAMME PERFORMANCE DATA AS OF 31.12.2016 ARE PUBLISHED
Based on the monthly data of first-level spending units, the CFP balance on a cash basis for 2016 is positive, amounting to BGN 1,472.5 million (1.6% of forecast GDP) and is formed by a deficit under the national budget of BGN 743.1 million and a surplus under EU funds of BGN 2,215.7 million. For comparison, a CFP deficit of BGN 2,485.2 million (2.8% of GDP) was reported for 2015, which means that, as a relative share of GDP, the budget stance has improved by 4.4 percentage points and 2016 has been the first fiscal year with a budget surplus under CFP since 2008. The factors for the improvement in the budget stance are the higher revenues and the lower rate of utilization of expenditures than the annual plans.
The CFP revenues and grants for 2016 stand at BGN 33,953.1 million, or 102.8% as compared to the annual estimates. Compared to 2015, revenues and grants have grown by BGN 1,753.5 million (5.4%). The growth as compared to the previous year is due to the higher tax and non-tax revenues, which have risen by BGN 2,496.6 million, while grants (funds reimbursed by the European Commission) are lower. However, it should be noted that the proceeds from grants are exceeding the annual estimates, the performance being 114.2% as compared to the plan.
Tax proceeds, including revenues from social security and health insurance contributions, total BGN 26,903.0 million, which is 103.5% as compared to the annual plans. Compared to 2015 tax revenues have risen by 8.2% (BGN 2,047.3 million) in nominal terms.
Revenues from direct taxes amount to BGN 5,037.3 million, or 107.5% as compared to the annual estimates, growing, as compared to 2015, by BGN 445.7 million (9.7%).
Indirect tax revenues amount to BGN 13,561.7 million, or 102.3% as compared to the annual plans. Compared to 2015, revenues in this group have grown by BGN 1,111.2 million (8.9%). The VAT proceeds amount to BGN 8,553.0 million, or 101.7% as compared to the plan. Compared to the previous year, VAT revenues have risen by BGN 813.0 million. The amount of the non-refunded VAT as of 31.12.2016 is BGN 106.5 million. There is also a growth in the excise duty revenues which amount to BGN 4,805.0 million (102.9% as compared to the annual plans), while as against 2015 they have grown by 6.2%, or BGN 280.0 million. Custom duties revenues are BGN 173.1 million, or 115.4% as compared to the annual plan.
Proceeds from other taxes, including property taxes and other taxes under the Corporate Income Tax Law, amount to BGN 986.2 million, or 108.2% performance of the annual estimates.
Revenues from social security and health insurance contributions are BGN 7,317.8 million, or 102.6% as compared to the annual estimates. Compared to the previous year these revenues have risen by 5.3% (BGN 370.7 million) in nominal terms
Non-tax revenues amount to BGN 4,145.5 million, or 92.5% of the annual plans, which is by BGN 449.3 million (12,2%) more than the revenues reported for 2015.
Proceeds from grants amount to BGN 2,904.6 million or 114.2% as compared to the annual plan.
The expenditures under the CFP, including the contribution of the Republic of Bulgaria to the EU budget, amount to BGN 32,480.5 million for 2016, which is 93.3% of the annual estimates. For comparison, the expenditures under the CFP for 2015 amounted to BGN 34,684.8 million. The lower absorption of expenditures in 2016 is mostly linked to a delay in the capital expenditures (mostly EU fund accounts), which is due to the lower payments at the initial stage of project implementation during the new programming period 2014-2020. However, it should be noted that if we make a comparison with the parameters of project contracting and payment at the same stage of implementation of the Operational Programmes for the previous programming period (2007-2013), the current parameters of the contracting and absorption of EU funds for the new programming period are significantly better.
Non-interest expenditures amount to BGN 30,887.0 million, which is 94.7% of the annual plans. Non-interest current expenditures for 2016 amount to BGN 27,026.2 million, or 101.9% as compared to the plans, capital expenditures (including net increment of state reserve) amount to BGN 3,860.8 million, or 63.2% of the 2016 Annual Budget Law plans. Interest payments amount to BGN 734.1 million, or 91.5% of those planned for 2016.
The part of Bulgaria's contribution to the EU budget, as paid from the central budget for 2016, amounts to BGN 859.5 million, which complies with the existing legislation in the area of EU own resources, Council Decision 2007/436/EC, Euratom on the system of the Communities' own resources and Council Regulation No 1150/2000, as amended by Regulation No 2018/2004, Regulation No 105/2009 and Regulation No 1377/2014, implementing Decision 2007/436/EC.
Fiscal reserve as of 31.12.2016 is BGN 12.9 billion, including BGN 11.1 billion deposits in BNB and banks and BGN 1.8 billion receivables under the EU Funds for certified expenditure, advance payments, etc.
The Consolidated Fiscal Programme performance data as of 31 December 2016 are published on the website of the Ministry of Finance in Statistics section.