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Consolidated Fiscal Programme Performance Data as of 30.06.2020

31.07.2020

Based on the monthly data on cash execution of first-level spending units, CFP revenues, grants and donations as of June 2020 amount to BGN 21,430.8 million, or 48.3% of the annual estimates[1]. Compared to the same period of the previous year, they decrease by BGN 855.1 million in nominal terms. Tax and non-tax proceeds register a drop by BGN 1,274.1 million (6.0%), and grant and donation proceeds (mostly EU programme and fund grants) are by BGN 419.1 million, or 36.4%, more than at end-June 2019. Revenues are smaller as a result of the negative impact of the COVID-19 outbreak on the proceeds from all major taxes.

Tax proceeds, including revenues from social security contributions, total BGN 17,056.9 million, which accounts for 48.9% of the tax revenues planned for the year.

Direct tax revenues amount to BGN 3,169.6 million, or 48.2% of those planned for the year.

Indirect tax revenues amount to BGN 7,879.9 million, which accounts for 48.3% of the annual estimates. VAT proceeds amount to BGN 5,206.5 million, or 48.9% of those planned. The reduced economic activity and the poor macroeconomic indicators for consumption, imports and exports as a result of the COVID-19 outbreak, as well as the drop in crude oil prices continue having an adverse impact on the revenues from this type of tax. Excise duty revenues amount to BGN 2,546.4 million, or 46.7% of the annual estimates. Customs duty proceeds amount to BGN 104.2 million, or 55.6% of the annual estimates.

Proceeds from other taxes, including property and other taxes under the Corporate Income Tax Law, amount to BGN 694.1 million, or 57.4% of the annual estimates.

Revenues from social security and health insurance contributions are BGN 5,313.4 million, which accounts for 49.2% of the estimates for the year.

Non-tax revenues amount to BGN 2,803.7 million, which accounts for 41.3% of the annual estimates.

Grant and donation proceeds amount to BGN 1,570.2 million.

CFP expenditures, including the contribution of the Republic of Bulgaria to the EU budget, amount to BGN 19,818.1 million as of June 2020, which accounts for 41.4% of the annual estimates. For comparison, the CFP expenditures as of June 2019 amount to BGN 19,062.5 million. Compared to the same period of the previous year, the nominal increase is mainly due to the higher amount of social payments (a baseline effect from the pension increase in July 2019), the higher staff costs, etc.

Non-interest expenditures amount to BGN 18,766.1 million, which accounts for 41.2% of the annual estimates. Non-interest current expenditures as of June 2020 amount to BGN 17,371.3 million, capital expenditures (including net increment of state reserve) amount to BGN 1,380.4 million. The current and capital transfers to other countries amount to BGN 14.5 million. Interest payments amount to BGN 363.4 million, or 50.1% of those planned for 2020.

The part of Bulgaria’s contribution to the EU budget, as paid from the central budget as of 30.06.2020, amounts to BGN 688.6 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 CFP budget balance on a cash basis as of 30.06.2020 is positive, amounting to BGN 1,612.7 million and is formed by an excess of national budget revenues over expenditures of BGN 1,099.2 million and of EU funds of BGN 513.5 million.

As of 30.06.2020, the fiscal reserve amounts to BGN 9.89 billion, including BGN 9.84 billion of fiscal reserve deposits in the BNB and in banks and BGN 0.05 billion of receivables under the EU Funds for certified expenditure, advance payments, etc.

The Consolidated Fiscal Programme implementation data as of 30 June 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.

[1] 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).

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