Consolidated Fiscal Programme performance data as of 31.05.2020 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 May 2020 are to the amount of BGN 17,636.6 million, or 39,7 % of the annual estimates. Compared to the same period of the previous year, they have decreased by BGN 1,082.9 million in nominal terms Tax and non-tax revenues register a drop by BGN 450.1 million (8.2%), and grant and donation proceeds (mostly EU programme and fund grants) are by BGN 367.2 million, or 37.1%, more than the data as of end-May 2019. The delay in the revenues is due, on the one hand, to the extension of deadlines under the Corporate Income Tax Law, the Personal Income Tax Law and the Local Taxes and Charges 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, and, on the other hand, to the negative implications on proceeds from most key taxes and social security and health insurance contributions as a result of the limitations in response to COVID-19 in Bulgaria and worldwide. The negative trend is expected to continue in the next few months.
Tax proceeds, including revenues from social security and health insurance contributions, total BGN 13,997.4 million, which is 40.1 % of the annual plans.
Revenues from direct taxes amount to BGN 2,457.6 million, or 37.3 % of the annual estimates.
Indirect tax revenues amount to BGN 6,631.8 million, or 40.6 % of the annual plans. The VAT proceeds amount to BGN 4,425.0 million, or 41.6 % of the plan. 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. The excise duty revenues amount to BGN 2,097.0 million (38.5 % of the annual estimates). Custom duties revenues are BGN 86.8 million or 46.3 % of the annual plan.
Proceeds from other taxes, including property taxes and other taxes under the Corporate Income Tax Law, amount to BGN 498.4 million, or 41.2 % performance of the annual estimates.
Revenues from social security and health insurance contributions are BGN 4,409.7 million, or 40.8 % of those planned for the year.
Non-tax revenues amount to BGN 2,282.5 million, or 33.7 % of the annual estimates.
Proceeds from grants and donations amount to BGN 1,356.7 million.
The expenditures under the CFP, including the contribution of the Republic of Bulgaria to the EU budget, amount to BGN 16,323.4 million as of May 2020, which is 34.1 % of the annual estimates. For comparison the expenditures under the CFP as of end-May 2019 amounted to BGN 15,693.8 million. As compared to the same period of the previous year, the nominal increase is mainly due to the higher social payments (a baseline effect from the increase of pensions as from July 2019), the higher capital expenditures, the higher staff costs, etc.
Non-interest expenditures amount to BGN 15,362.0 million, which is 33.7 % of the annual plans. Non-interest current expenditures as of May 2020 amount to BGN 14,234.4 million and capital expenditures (including net increment of state reserve) amount to BGN 1,115.8 million. The current and capital transfers to other countries amount to BGN 11.8 million. Interest payments amount to BGN 346.2 million, or 47.8 % of those planned for 2020.
The part of Bulgaria's contribution to the EU budget, paid from the central budget as of 31.05.2020, amounts to BGN 615.3 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 as of 31 May 2020 is positive, amounting to BGN 1,313.2 million and is formed by an excess of revenues over expenditures under the national budget of BGN 825.7 million as well as under EU funds of BGN 487.6 million.
Fiscal reserve as of 31.05.2020 is BGN 10.2 billion, including BGN 9.7 billion fiscal reserve deposits in BNB and banks and BGN 0.5 billion receivables under the EU Funds for certified expenditure, advance payments, etc.
The Consolidated Fiscal Programme performance data as of 31 May 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.