Consolidated Fiscal Programme performance data as of 31.05.2019 are published
Based on the monthly data of first-level spending units, the CFP balance on a cash basis as of May 2019 is positive, amounting to BGN 3,025.8 million (2.6 % of forecast GDP) and is formed by a surplus under the national budget of BGN 2,832.8 million and a surplus under EU funds of BGN 193.0 million.
The CFP revenues and grants as of May 2019 stand at BGN 18,719.6 million, or 42.7 % of the annual estimates. Compared to the same period of the previous year, tax and non-tax revenues have grown by BGN 2,239.8 million, (14.5 %), while grant proceeds (mainly grants under EU Programmes and Funds) have increased by BGN 501.4 million.
Tax proceeds, including revenues from social security and health insurance contributions, total BGN 14,777.3 million, which is 42.8 % of the annual plans.
Revenues from direct taxes amount to BGN 2,931.9 million, or 44.7 % of the annual estimates.
Indirect tax revenues amount to BGN 6,971.1 million, or 42.4 % of the annual plans. The VAT proceeds amount to BGN 4,647.8 million, or 42.9 % of the plan. The amount of the non-refunded VAT as of 31.05.2019 is BGN 131.7 million. The excise duty revenues amount to BGN 2,205.5 million, (41.4 % of the annual estimates). Custom duties revenues are BGN 96.7 million or 40.8 % of the annual plan.
Proceeds from other taxes, including property taxes and other taxes under the Corporate Income Tax Law, amount to BGN 636.5 million, or 54.4 % performance of the annual estimates.
Revenues from social security and health insurance contributions are BGN 4,237.8 million, or 40.8 % of those planned for the year. Compared to the same period of the previous year these revenues have risen by 11.6 percent in nominal terms.
Non-tax revenues amount to BGN 2,952.7 million, or 44.6 % of the annual estimates. It should be noted that as regards non-tax revenues there is a baseline effect in the part of revenues to the budget of the Energy Security Fund due to the amendments to the Energy Law which entered into force on 01.07.2018 and changed the mechanism of collection of revenues to the Fund’s budget. For this reason the revenues to the Fund’s budget for the first five months of 2019 were higher than the revenues for the same period of 2018.
Proceeds from grants amount to BGN 989.5 million.
The expenditures under the CFP, including the contribution of the Republic of Bulgaria to the EU budget, amount to BGN 15,693.8 million as of May 2019, which is 35.3 % of the annual estimates. For comparison, the expenditures for the same period of the previous year were to the amount of BGN 14,556.8 million. Compared to May 2018, the nominal increase is mainly due to the higher 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), 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), etc.
Non-interest expenditures amount to BGN 14,691.4 million, which is 34.7 % of the annual plans. Non-interest current expenditures as of May 2019 amount to BGN 13,630.4 million, and capital expenditures (including net increment of state reserve) amount to BGN 1,049.8 million. The current and capital transfers to other countries amount to BGN 11.2 million. Interest payments amount to BGN 403.2 million, or 60.2 % of those planned for 2019.
The part of Bulgaria's contribution to the EU budget, paid from the central budget as of 31.05.2019, amounts to BGN 599.2 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 31.05.2019 is BGN 11.3 billion, including BGN 10.3 billion fiscal reserve deposits in BNB and banks and BGN 1.0 billion receivables under the EU Funds for certified expenditure, advance payments, etc.
The Consolidated Fiscal Programme performance data as of 31 May 2019 are published on the website of the Ministry of Finance in Statistics section. The statistical data are accompanied by an Information Bulletin on the Execution of the State Budget and the main indicators of the consolidated fiscal programme, which presents a short analysis of the performance of the key budget parameters on a consolidated level and by constituent budgets.