CONSOLIDATED FISCAL PROGRAMME PERFORMANCE DATA AS OF 30/04/2017
Based on the monthly reports from first-level spending units, the Consolidated Fiscal Programme (CFP) balance on a cash basis as of end-April 2017 is positive, amounting to BGN 1,590.7 million, or 1.6% of the projected GDP, and is formed by a national budget surplus of BGN 1,561.0 million and by a surplus of EU funds of BGN 29.7 million.
The CFP revenues and grants in April 2017 stand at BGN 12,016.8 million, or 33.9% of the annual estimates. Compared to the same period of the previous year, tax and non-tax revenues have risen by BGN 736.5 million, or by 6.8%, with grant proceeds being lower.
Tax proceeds, including revenues from social security contributions, total BGN 9,986.8 million, which accounts for 35.6% of the revenues planned for the year. Compared to the data as of April 2016, tax proceeds have risen in nominal terms by 8.7%, or by BGN 797.5 million. In structural terms, the most considerable growth is reported with regard to proceeds from indirect taxes and revenues from social security and health insurance contributions.
Direct tax revenues amount to BGN 2,030.1 million, or 39.9% of the annual estimates, growing by BGN 139.9 million, or by 7.4% as against the same period of the previous year.
Indirect tax revenues amount to BGN 4,831.3 million, which accounts for 34.5% of the annual estimates. Compared to the data as of April 2016, proceeds in this group have grown by BGN 316.7 million, or by 7.0% as against the same period of the previous year. VAT proceeds amount to BGN 3,291.5 million, or 37.5% of those planned. Compared to the previous year, the VAT revenues have risen by BGN 284.2 million, or by 9.4% as against the same period of the previous year. The amount of non-refunded VAT as of end-April 2017 is BGN 84.0 million. There is also a growth in excise duty revenues which amount to BGN 1,463.4 million, or 29.0% of the annual estimates, while as against April 2016 they have grown by 1.6%, or by BGN 23.4 million. Customs duty proceeds amount to BGN 63.8 million, or 38.4% of the estimates for the year.
Proceeds from other taxes, including property taxes and other taxes under the Corporate Income Tax Law, amount to BGN 494.2 million, or 49.9% of the annual estimates.
Revenues from social security and health insurance contributions are BGN 2,631.1 million, which accounts for 33.2% of the estimates for the year. Compared to the same period of the previous year, the revenues from social security contributions have risen by BGN 313.2 million, or 13.5%, in nominal terms.
Non-tax revenues amount to BGN 1,586.6 million, or 33.3% of the annual estimates.
Grant revenues amount to BGN 443.3 million, or 16.8% of those planned for the year. When comparing grant proceeds to the previous year, one should take into account the baseline effect in 2016 of the certified expenditures reimbursed to Bulgaria by the European Commission as from end-2015, being the peak for payments for projects under the previous 2007 - 2013 programming period.
CFP expenditures, including the contribution of the Republic of Bulgaria to the EU budget for February 2017, amount to BGN 10,426.1 million, which accounts for 28.4% of the annual estimates. For comparison, CFP expenditures for the same period of 2016 amount to BGN 9,818.7 million. The higher expenditures as against the first four months of 2016 are mainly due to the higher amount of social security and health insurance payments, the baseline effect of pension expenditures since their increase in July 2016, the subsidy expenditures and the increase in social security contributions linked to the higher contribution to the Pensions Fund for the persons pursuant to Article 69 of the Social Insurance Code by 20 pps as against 2016.
Non-interest expenditures amount to BGN 9,739.0 million, which accounts for 28.2% of the annual estimates. Non-interest current expenditures as of April 2017 amount to BGN 9,280.2 million, or 32.8% of the estimates for the year, capital expenditures (including net increment of state reserve) amount to BGN 458.8 million, or 7.4% of the 2017 State Budget of the Republic Bulgaria Law estimates. Interest payments amount to BGN 401.5 million, or 48.6% of those planned for 2017.
The part of Bulgaria's contribution to the EU budget, as paid from the central budget as of April 2017, amounts to BGN 285.6 million, which complies with the existing legislation in the area of EU own resources, i.e. Council Decision 2014/335/EU 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) 2016/804 of 17 May 2016.
The fiscal reserve as of April 2017 is BGN 13.2 billion, including BGN 12.3 billion of fiscal reserve deposits in the BNB and in banks and BGN 0.9 billion of receivables under the EU Funds for certified expenditure, advance payments, etc.
The Consolidated Fiscal Programme implementation data as of 30 April 2017 are published on the website of the Ministry of Finance, in Statistics section.