Callendar

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CONSOLIDATED FISCAL PROGRAMME PERFORMANCE DATA AS OF 31.03.2017 ARE PUBLISHED

28.04.2017

Based on the monthly data of first-level spending units, the CFP balance on a cash basis as of March 2017 is positive, amounting to BGN 1,058.1 million (1.1% of forecast GDP) and is formed by a surplus under the national budget of BGN 983.6 million and a surplus under EU funds of BGN 74.5 million.

The CFP revenues and grants as of March 2017 stand at BGN 8,837.5 million, or 24.9% of the annual estimates. Compared to the same period of the previous year, tax and non-tax revenues have grown by BGN 665.0 million, (8.5%), while proceeds from grants were lower. Grants performance as compared to the annual estimates for 2017 is 14.2%.

Tax proceeds, including revenues from social security and health insurance contributions, total BGN 7,288.7 million, which is 26.0% of the annual plans. Compared to March 2016, tax proceeds have risen by 10.5% (BGN 692.1 million) in nominal terms. In structural terms the highest growth is reported in indirect tax proceeds.

Revenues from direct taxes amount to BGN 1,330.8 million, or 26.1% of the annual estimates, growing, as compared to March 2016, by BGN 126.7 million (10.5%).

Indirect tax revenues amount to BGN 3,714.0 million, or 26.5% of the annual plans. Compared to March 2016, revenues in this group have grown by BGN 304.2 million (8.9%). The VAT proceeds amount to BGN 2,522.6 million, or 28.7% of the plan. Compared to the previous year, VAT revenues have risen by BGN 228.8 million. (10.0 %). The amount of the non-refunded VAT as of 31.03.2017 is BGN 80.0 million. There is also a growth in the excise duty revenues which amount to BGN 1,132.9 million (22.5% of the annual plans), having risen by 6.0% or BGN 63.7 million as compared to March 2016. Custom duties revenues are BGN 50.8 million or 30.6% of the annual plan.

Proceeds from other taxes, including property taxes and other taxes under the Corporate Income Tax Law, amount to BGN 310.0 million, or 31.3% performance of the annual estimates.

Revenues from social security and health insurance contributions are BGN 1,933.9 million, or 24.4% of those planned for the year. Compared to the first quarter of the previous year these revenues have risen by 14.0% (BGN 237.3 million) in nominal terms. 

Non-tax revenues amount to BGN 1,172.5 million or 24.6% of the annual plans.

Proceeds from grants amount to BGN 376.2 million or 14.2% of the annual plan. When comparing proceeds in terms of grants from this year and from last year, one should bear in mind the base effect in 2016 from the reimbursements by the Commission to Bulgaria 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 7,779.4 million as of March 2017, which is 21.2% of the annual estimates. For comparison, the expenditures under the CFP for the same period of 2016 amounted to BGN 7,234.4 million. The growth of expenditures as compared to March 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 7,174.4 million, which is 20.8% of the annual plans. Non-interest current expenditures as of March 2017 amount to BGN 6,834.3 million, or 24.1% of the annual plans, capital expenditures (including net increment of state reserve) amount to BGN 340.1 million, or 5.5% of the 2017 Annual Budget Law plans. Interest payments amount to BGN 391.3 million, or 47.3% of those planned for 2017.

The part of Bulgaria's contribution to the EU budget, paid from the central budget as of 31.03.2017, amounts to BGN 213.7 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 31.03.2017 is BGN 12.6 billion, including BGN 11.8 billion fiscal reserve deposits in BNB and banks and BGN 0.8 billion receivables under the EU Funds for certified expenditure, advance payments, etc.

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