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Consolidated Fiscal Programme Performance Data as of 30/04/2019

31.05.2019

Based on the monthly reports from first-level spending units, the Consolidated Fiscal Programme (CFP) balance on a cash basis as of April 2019 is positive, amounting to BGN 2,699.8 million, or 2.3% of the projected GDP, and is formed by a national budget surplus of BGN 2,565.2 million and by a surplus of EU funds of BGN 134.6 million.

The CFP revenues and grants in April 2019 stand at BGN 15,176.2 million, or 34.6% of the annual estimates. Compared to the same period of the previous year, tax and non-tax revenues have risen by BGN 1,820.8 million (14.5%), and grant proceeds (mostly EU programme and fund grants) – by BGN 384.6 million.

Tax proceeds, including revenues from social security contributions, total BGN 11,965.1 million, which accounts for 34.6% of the tax revenues planned for the year.

Direct tax revenues amount to BGN 2,446.9 million, or 37.3% of those planned for the year.

Indirect tax revenues amount to BGN 5,610.4 million, which accounts for 34.1% of the annual estimates. VAT proceeds amount to BGN 3,798.1 million, or 35.1% of those planned. The amount of non-refunded VAT as of 30 April 2019 is BGN 83.0 million. The excise duty revenues amount to BGN 1,717.6 million, or 32.2% of the annual estimates. Customs duty proceeds amount to BGN 76.9 million, or 32.5% of the annual estimates.

Proceeds from other taxes, including property taxes and other taxes under the Corporate Income Tax Law, amount to BGN 567.2 million, or 48.5% of the annual estimates.

Revenues from social security and health insurance contributions are BGN 3,340.6 million, which accounts for 32.2% of the estimates for the year. Compared to the same period of the previous year, the revenues from social security contributions have risen by 11.1 per cent in nominal terms. 

Non-tax revenues amount to BGN 2,449.1 million, or 37.0% of the annual estimates. It should be noted that a baseline effect appears in the non-tax revenue part relating to the revenues under the Electricity System Security Fund due to the amendments to the Energy Law in force as from 1 July 2018 which have changed the mechanism for collection of revenues under the Fund’s budget. The revenues under the Fund’s budget for the first four months of 2019 are therefore higher than the proceeds for the same period of 2018.

Grant proceeds amount to BGN 762.1 million.

CFP expenditures, including the contribution of the Republic of Bulgaria to the EU budget for April 2019, amount to BGN 12,476.5 million, which accounts for 28.1% of the annual estimates. For comparison, the expenditures for the same period of the previous year amount to BGN 11,651.7 million. Compared to April 2018, the nominal increase is mainly due to the higher contribution to the EU budget, the increase in the staff costs (due to the 10% increase in the wage bill for the public sector and the next step of increasing the remunerations in the education sector), as well as the higher social and health insurance payments (a baseline effect from the pension increase in July 2018 and an increase in the health insurance payments set out in the 2019 NHIF Budget Law).  

Non-interest expenditures amount to BGN 11,557.9 million, which accounts for 27.3% of the annual estimates. Non-interest current expenditures as of April 2019 amount to BGN 10,775.9 million, capital expenditures (including net increment of state reserve) amount to BGN 772.5 million. The current and capital transfers to other countries amount to BGN 9.6 million. Interest payments amount to BGN 381.9 million, or 57.1% of those planned for 2019.

The part of Bulgaria’s contribution to the EU budget, as paid from the central budget as of 30.04.2019, amounts to BGN 536.6 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{1} as of 30.04.2019 amounts to BGN 10.62 billion, including BGN 10.07 billion of fiscal reserve deposits in the BNB and in banks and BGN 0.55 billion of receivables under the EU Funds for certified expenditure, advance payments, etc.

The Consolidated Fiscal Programme implementation data as of 30 April 2019 are published on the website of the Ministry of Finance, in Statistics section. The statistics is accompanied by an Information Bulletin on the Execution of the State Budget and the Main Indicators of the Consolidated Fiscal Programme, which represents a short analysis of the performance of the key budget parameters on a consolidated level and by constituent budgets.

 

 

{1}The scope of the fiscal reserve indicator is in line with §1, item 41 of the Additional Provisions of the Public Finance Law.

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