Consolidated Fiscal Programme Performance Data as of 30.04.2020
Based on the monthly data on cash execution of first-level spending units, CFP revenues, grants and donations as of April 2020 amount to BGN 14,623.3 million, or 32.9% of the annual estimates. Compared to the same period of the previous year, they decrease by BGN 552.9 million in nominal terms. Tax and non-tax proceeds register a drop by BGN 924.0 million (6.4%), and grant and donation proceeds (mostly EU programme and fund grants) are by BGN 371.0 million, or 48.7%, more than the data as of April 2019. The delay in the revenues is mostly due to the negative implications from the deteriorated domestic and external environment following the limitations in response to COVID-19 in Bulgaria and worldwide, as well as from the extension of the deadlines for reporting and payment of liabilities under the Corporate Income Tax Law, the Personal Income Tax Law and the Local Taxes and Charges Law which postponed some of the proceeds for March and April for the second half of the year.
Tax proceeds, including revenues from social security contributions, total BGN 11,549.2 million, which accounts for 33.1% of the tax revenues planned for the year. Direct tax revenues amount to BGN 2,026.7 million, or 30.8% of those planned for the year. The performance of corporate income revenues in this group is higher as a result of extending the 2020 deadlines under the Corporate Income Tax Law with the Law on the Measures and Actions in a State of Emergency which was declared by a decision of the National Assembly of 13 March 2020. Indirect tax revenues amount to BGN 5,557.4 million, which accounts for 34.0% of the annual estimates. VAT proceeds amount to BGN 3,728.3 million, or 35.0% of those planned. The reduced economic activity and the deteriorated macroeconomic indicators for consumption, imports and exports and the drop in crude oil prices as a result of COVID-19 are expected to have an adverse impact on the revenues from this type of tax in the coming months of this year. Excise duty revenues amount to BGN 1,740.5 million, or 31.9% of the annual estimates. Customs duty proceeds amount to BGN 69.4 million, or 37.0% of the annual estimates. Proceeds from other taxes, including property and other taxes under the Corporate Income Tax Law, amount to BGN 418.5 million, or 34.6% of the annual estimates. Revenues from social security and health insurance contributions are BGN 3,546.6 million, which accounts for 32.8% of the estimates for the year.
Non-tax revenues amount to BGN 1,941.0 million, or 28.6% of the annual estimates. Grant and donation proceeds amount to BGN 1,133.1 million.
CFP expenditures, including the contribution of the Republic of Bulgaria to the EU budget for April 2020, amount to BGN 12,991.8 million, which accounts for 27.1% of the revised annual estimates. For comparison, the CFP expenditures as of April 2019 amount to BGN 12,476.5 million. Compared to the same period of the previous year, the nominal increase is mainly due to the higher amount of staff costs, social payments (a baseline effect from the pension increase in July 2019), the higher capital expenditures, etc.
Non-interest expenditures amount to BGN 12,192.5 million, which accounts for 26.8% of the annual estimates. Non-interest current expenditures as of April 2020 amount to BGN 11,350.6 million, capital expenditures (including net increment of state reserve) amount to BGN 830.3 million. The current and capital transfers to other countries amount to BGN 11.7 million. Interest payments amount to BGN 325.2 million, or 44.9% of those planned for 2020.
The part of Bulgaria’s contribution to the EU budget, as paid from the central budget as of 30.04.2020, amounts to BGN 474.1 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 CFP budget balance on a cash basis for April 2020 is surplus, amounting to BGN 1,631.5 million. It is formed by the excess of national budget revenues over expenditures of BGN 1,188.1 million and of EU funds of BGN 443.3 million.
As of 30.04.2020, the fiscal reserve amounts to BGN 11.0 billion, including BGN 10.5 billion of fiscal reserve deposits in the BNB and in banks and BGN 0.5 billion of receivables under the EU Funds for certified expenditure, advance payments, etc.
The Consolidated Fiscal Programme implementation data as of 30 April 2020 are published on the website of the Ministry of Finance, in the 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.
 Estimates to the Law amending the 2020 State Budget of the Republic of Bulgaria Law (promulgated in the State Gazette, issue 34/2020, effective as from 9.4.2020).