Callendar

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CONSOLIDATED FISCAL PROGRAMME PERFORMANCE DATA AS OF 31.01.2017 ARE PUBLISHED

01.03.2017

Based on the monthly data of first-level spending units, the CFP balance on a cash basis for January 2017 is positive, amounting to BGN 884.2 million (0.9% of forecast GDP) and is formed by a surplus under the national budget of BGN 790.2 million and a surplus under EU funds of BGN 93.9 million.

The CFP revenues and grants for January 2017 stand at BGN 3,338.8 million, or 9.4% of the annual estimates. Compared to the previous year, revenues and grants have grown by BGN 208.5 million (6.7%).

Tax proceeds, including revenues from social security and health insurance contributions, total BGN 2,882.0 million, which is 10.3% of the annual plans. Compared to January 2016 tax revenues have risen by 12.2% (BGN 313.7 million) in nominal terms. In structural terms the highest growth is reported in indirect tax revenues.

Revenues from direct taxes amount to BGN 282.3 million, or 5.5% of the annual estimates, growing, as compared to January 2016, by BGN 36.4 million (14.8%).

Indirect tax revenues amount to BGN 1,937.8 million, or 13.8% of the annual plans. Compared to January 2016, revenues in this group have grown by BGN 200.4 million (11.5%). The VAT proceeds amount to BGN 1,275.7 million, or 14.5% of the plan. Compared to the previous year, VAT revenues have risen by BGN 120.1 million. The amount of the non-refunded VAT as of 31.01.2017 is BGN 103.4 million. There is also a growth in the excise duty revenues which amount to BGN 643.3 million (12.8% of the annual plans), while as against January 2016 they have grown by 13.8%, or BGN 77.9 million. Custom duties revenues are BGN 13.3 million or 8.0% of the annual plan.

Proceeds from other taxes, including property taxes and other taxes under the Corporate Income Tax Law, amount to BGN 52.7 million, or 5.3% performance of the annual estimates.

Revenues from social security and health insurance contributions are BGN 609.3 million, or 7.7% of those planned for the year. Compared to the previous year these revenues have risen by 13.0% (BGN 70.0 million) in nominal terms 

Non-tax revenues amount to BGN 306.7 million or 6.4% of the annual plans.

Proceeds from grants amount to BGN 150.1 million or 5.7% of the annual plan. When comparing receipts in terms of grants from this year and from last year, one should bear in mind the base effect from the reimbursements by the Commission to Bulgaria in 2016 of certified expenditures from end-2015 which witnessed the peak of payments under projects from the previous programming period 2007 - 2013.

The expenditures under the CFP, including the contribution of the Republic of Bulgaria to the EU budget, amount to BGN 2,454.6 million for January 2017, which is 6.7% of the annual estimates. For comparison, the expenditures under the CFP for January 2016 amounted to BGN 2,138.8 million. The growth of expenditures as compared to January 2016 is mostly due to the higher social security and health insurance payments, a baseline effect on expenditures on pensions from their increase as from July 2016, expenditures on subsidies and growth of insurance payments related to the higher insurance contribution for the Pensions for Persons under Article 69 Fund which increased by 20 percentage points as compared to 2016.

Non-interest expenditures amount to BGN 2,292.9 million, which is 6.6% of the annual plans. Non-interest current expenditures for January 2017 amount to BGN 2,201.5 million, or 7.8% of the plans, capital expenditures (including net increment of state reserve) amount to BGN 91.4 million, or 1.5% of the 2017 Annual Budget Law plans. Interest payments amount to BGN 90.4 million, or 10.9% of those planned for 2017.

The part of Bulgaria's contribution to the EU budget, as paid from the central budget for January 2017, amounts to BGN 71.3 million, which complies with the current legislation in the area of EU own resources - Council Decision 2014/335/EU, Euratom on the system of own resources of the European Union, Council Regulation (EU, Euratom) No 608/2014 of 26 May 2014 laying down implementing measures for the system of own resources of the European Union, and Council Regulation (EU, Euratom) No 609/2014 of 26 May 2014 on the methods and procedure for making available the traditional, VAT and GNI-based own resources and on the measures to meet cash requirements as amended by Council Regulation (EU, Euratom) No 2016/804 of 17 May 2016.

Fiscal reserve as of 31.01.2017 is BGN 13.8 billion, including BGN 11.6 billion deposits in BNB and banks and BGN 2.2 billion receivables under the EU Funds for certified expenditure, advance payments, etc.

The Consolidated Fiscal Programme performance data as of 31 January 2017 are published on the website of the Ministry of Finance in Statistics section.