Consolidated Fiscal Programme performance data as of 31.01.2020 are published
Based on data from the monthly reports on the cash performance of the budgets of the first-level spending units, the revenues, grants and donations under CFP as of January 2020 are to the amount of BGN 3,774.5 million, or 8,1 % of the annual estimates. The amount of revenues, grants and donations under CFP is close to the one for the same period of the previous year.
Tax proceeds, including revenues from social security and health insurance contributions, total BGN 3,192.4 million, which is 8.5 % of the annual plans. Revenues from direct taxes amount to BGN 406.1 million, or 5.6 % of the annual estimates. Indirect tax revenues amount to BGN 1,849.0 million, or 10.4 % of the annual plans. The VAT proceeds amount to BGN 1,329.4 million, or 11.3 % of the plan. The excise duty revenues amount to BGN 489.0 million (8.6 % of the annual estimates). Custom duties revenues are BGN 21.4 million or 9.0 % of the annual plan. Proceeds from other taxes, including property taxes and other taxes under the Corporate Income Tax Law, amount to BGN 71.7 million, or 5.8 % performance of the annual estimates. Revenues from social security and health insurance contributions are BGN 865.7 million, or 7.7 % of those planned for the year. Non-tax revenues amount to BGN 500.6 million, or 7.4 % of the annual estimates. Proceeds from grants and donations amount to BGN 81.5 million.
The expenditures under CFP, including the contribution of the Republic of Bulgaria to the EU budget, amount to BGN 2,895.9 million for January 2020, which is 6.2 % of the annual estimates. For comparison, CFP expenditures for January 2019 amounted to BGN 2,712.1 million. As compared to January 2019, the nominal increase is mainly due to the higher amount of capital expenditures, the higher staff costs, the higher social payments (a baseline effect from the increase of pensions as from July 2019), etc. Non-interest expenditures amount to BGN 2,663.5 million, which is 6.0 % of the annual plans. Non-interest current expenditures as of January 2020 amount to BGN 2,459.6 million and capital expenditures (including net increment of state reserve) amount to BGN 202.0 million. The current and capital transfers to other countries amount to BGN 1.9 million. Interest payments amount to BGN 45.1 million, or 6.9 % of those planned for 2020.
The part of Bulgaria's contribution to the EU budget, paid from the central budget as of 31.01.2020, amounts to BGN 187.3 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.
The CFP budget balance on a cash basis for January 2020 is positive, amounting to BGN 878.6 million (0.7 % of forecast GDP), and is formed by an excess of revenues over expenditures under the national budget of BGN 967.1 million and a deficit under EU funds of BGN 88.5 million.
Fiscal reserve as of 31.01.2020 is BGN 10.7 billion, including BGN 9.3 billion fiscal reserve deposits in BNB and banks and BGN 1.4 billion receivables under the EU Funds for certified expenditure, advance payments, etc.
The Consolidated Fiscal Programme performance data as of 31 January 2020 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.