CONSOLIDATED FISCAL PROGRAMME PERFORMANCE DATA AS OF 28/02/2017
Based on the monthly reports from first-level spending units, the Consolidated Fiscal Programme (CFP) balance on a cash basis as of end-February 2017 is positive, amounting to BGN 831.8 million, or 0.9% of the projected GDP, and is formed by a national budget surplus of BGN 698.5 million and by a surplus of EU funds of BGN 133.3 million.
The CFP revenues and grants in February 2017 stand at BGN 5,731.9 million, or 16.2% of the annual estimates. Compared to the previous year, revenues and grants have risen by BGN 212.5 million, or by 3.9%. The growth in comparison to the previous year is mainly due to the higher tax and non-tax revenues which have grown by BGN 438.0 million, or by 8.7%, with grant proceeds being lower.
Tax proceeds, including revenues from social security contributions, total BGN 4,721.2 million, which accounts for 16.8% of the revenues planned for the year. Compared to February 2016, tax proceeds have risen in nominal terms by 11.5%, or by BGN 487.5 million. In structural terms, the proceeds from indirect taxes report the most considerable growth.
Direct tax revenues amount to BGN 551.3 million, or 10.8% of the annual estimates, growing as against February 2016 by BGN 63.8 million, or by 13.1%.
Indirect tax revenues amount to BGN 2,785.7 million, which accounts for 19.9% of the annual estimates. Compared to February 2016, proceeds in this group have grown by BGN 269.1 million, or by 10.7%. VAT proceeds amount to BGN 1,869.1 million, or 21.3% of those planned. Compared to the previous year, VAT revenues have risen by BGN 171.8 million. The amount of non-refunded VAT as of end-February is BGN 90.0 million. There is also a growth in excise duty revenues which amount to BGN 880.1 million, or 17.5% of the annual estimates, while as against February 2016 they have grown by 11.8%, or by BGN 93.0 million. Customs duty proceeds amount to BGN 28.4 million, or 17.1% 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 130.9 million, or 13.2% of the annual estimates.
Revenues from social security and health insurance contributions are BGN 1,253.4 million, which accounts for 15.8% of the estimates for the year. Compared to the previous year, the revenues from social security contributions have risen by 13.2%, or by BGN 146.0 million, in nominal terms.
Non-tax revenues amount to BGN 725.9 million, or 15.3% of the annual estimates.
Grant revenues amount to BGN 284.8 million, or 10.8% 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 4,900.1 million, which accounts for 13.3% of the annual estimates. For comparison, CFP expenditures for the same period of 2016 amount to BGN 4,604.1 million. The higher expenditures as against February 2016 are mainly due to the higher amount of social 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 4,627.2 million, which accounts for 13.4% of the annual estimates. Non-interest current expenditures as of February 2017 amount to BGN 4,421.0 million, or 15.6% of the plans, capital expenditures (including net increment of state reserve) amount to BGN 206.2 million, or 3.3% of the 2017 State Budget of the Republic Bulgaria Law estimates. Interest payments amount to BGN 118.6 million, or 14.3% of those planned for 2017.
The part of Bulgaria's contribution to the EU budget, as paid from the central budget as of February 2017, amounts to BGN 154.3 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 28.02.2017 is BGN 13.6 billion, including BGN 11.9 billion of deposits in the BNB fiscal reserve and in banks and BGN 1.7 billion of receivables under the EU Funds for certified expenditure, advance payments, etc.
The Consolidated Fiscal Programme implementation data as of 28 February 2017 are published on the website of the Ministry of Finance, in Statistics section.