CONSOLIDATED FISCAL PROGRAMME PERFORMANCE DATA AS OF 30.11.2016 ARE PUBLISHED
Based on the monthly data of first-level spending units, the Consolidated Fiscal Programme (CFP) balance on a cash basis as of November 2016 is positive, amounting to BGN 3,465.1 million (3.8% of forecast GDP) and is formed by a surplus under the national budget of BGN 1,764.5 million and a surplus under EU funds of BGN 1,700.5 million. For comparison, a CFP deficit of BGN 406.4 million (0.5% of GDP) was reported for the same period of 2015, which means that, as a relative share of GDP, the budget stance has improved by 4.3 percentage points. The factors for the improvement in the budget stance continue to be the higher revenues and the lower rate of utilization of capital expenditures. In addition to the good national budget revenue parameters, the EU fund accounts also influence the current CFP balance, with the excess of revenues over expenditures there accounting for 1.9% of the forecast GDP.
The CFP revenues and grants as of November 2016 stand at BGN 31,083.9 million, or 94.1% of the annual estimates. Compared to the same period of 2015, revenues and grants have grown by BGN 2,007.8 million, (6.9%). The growth as compared to the previous year is due to the higher tax and non-tax revenues, which have risen by BGN 2,331.3 million, while grants (funds reimbursed by the European Commission) are lower. However, it should be noted that the proceeds from grants are already exceeding the annual estimates, the performance being 110.8% as compared to the plan.
Tax proceeds, including revenues from social security and health insurance contributions, total BGN 24,440.1 million, which is 94.0% of the annual plans. Compared to November 2015 tax revenues have risen by 8.6% (BGN 1,929.8 million) in nominal terms.
Revenues from direct taxes amount to BGN 4,336.3 million, or 92.6% of the annual estimates, growing, as compared to November 2015, by BGN 383.4 million (9.7%).
Indirect tax revenues amount to BGN 12,558.3 million, or 94.7% of the 2016 Annual Budget Law plans. Compared to end-November 2015, the proceeds in this group have grown by BGN 1,064.3 million (9.3%). VAT revenues amount to BGN 7,934.4 million, or 94.3% of the planned for the year. Compared to the previous year, VAT revenues have risen by BGN 735.7 million. The amount of the non-refunded VAT as of end-November is BGN 132.9 million. There is also a growth in the excise duty revenues which amount to BGN 4,432.6 million (94.9% of the annual plans), while as against November 2015 they have grown by 7.5%, or BGN 307.5 million. Customs duty proceeds amount to BGN 161.4 million, or 107.6% as compared to the annual plan.
Proceeds from other taxes, including property taxes and other taxes under the Corporate Income Tax Law, amount to BGN 918.6 million, or 100.8% as compared to the annual estimates.
Revenues from social security and health insurance contributions are BGN 6,626.9 million, or 92.9% of those planned for the year. Compared to the previous year these revenues have risen by 5.7% (BGN 358.6 million) in nominal terms
Non-tax revenues amount to BGN 3,824.0 million, or 85.3% of the annual plans, which is by BGN 401.5 million (11.7%) more compared to end-November 2015.
Proceeds from grants amount to BGN 2,819.9 million or 110.8 % as compared to the annual plan.
The expenditures under the Consolidated Fiscal Programme, including the contribution of the Republic of Bulgaria to the EU budget, amount to BGN 27,618.9 million as of November 2016, which is 79.3% of the annual plans. For comparison, the expenditures under the CFP as of November 2015 amounted to BGN 29,482.5 million. The lower absorption of expenditures in the past months of the year is mostly linked to a delay in some capital expenditures (mostly EU fund accounts), which is due to the low absorption at the initial stage of project implementation during the new programming period 2014-2020.
Non-interest expenditures amount to BGN 26,160.6 million, which is 80.2% of the annual plans. Non-interest current expenditures as of end-November 2016 amount to BGN 24,079.0 million, or 90.8% of the annual estimates, capital expenditures (including net increment of state reserve) amount to BGN 2,081.5 million, or 34.1% of the 2016 Annual Budget Law plans. Interest payments amount to BGN 695.8 million, or 86.7% of those planned for 2016.
The part of Bulgaria's contribution to the EU budget, as paid from the central budget as of November 2016, amounts to BGN 762.5 million, which complies with the existing legislation in the area of EU own resources, Council Decision 2007/436/EC, Euratom on the system of the Communities' own resources and Council Regulation No 1150/2000, as amended by Regulation No 2018/2004, Regulation No 105/2009 and Regulation No 1377/2014, implementing Decision 2007/436/EC.
Fiscal reserve as of 30.11.2016 is BGN 14.3 billion, including BGN 12.6 billion deposits in BNB and banks and BGN 1.7 billion receivables under the EU Funds for certified expenditure, advance payments, etc.
The Consolidated Fiscal Programme performance data as of 30 November 2016 are published on the website of the Ministry of Finance in Statistics section.