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Consolidated Fiscal Programme performance data as of 31.07.2020 are published

31.08.2020

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 July 2020 are to the amount of BGN 25,266.5 million, or 56,9 % of the annual estimates[1]. Compared to the same period of the previous year, they have decreased by BGN 713.4 million in nominal terms. Tax and non-tax revenues register a drop by BGN 1,099.8 million (4.5 %), and grant and donation proceeds (mostly EU programme and fund grants) are by BGN 386.3 million, or 26.7 %, more compared to end-July 2019.

Tax proceeds, including revenues from social security and health insurance contributions, total BGN 20,054.5 million, which is 57.4 % of the annual plans. Revenues from direct taxes amount to BGN 3,803.7 million, or 57.8 % of the annual estimates. Indirect tax revenues amount to BGN 9,213.0 million, (56.4 % of the annual estimates), with VAT revenues amounting to BGN 6,049.0 million (56,8 % of the plans), excise duty revenues – to BGN 3,010.8 million (55,2 % of the estimates), and customs duty revenues – to BGN 121.8 million (65.0 % of the annual estimates). Proceeds from other taxes, including property taxes and other taxes under the Corporate Income Tax Law, amount to BGN 796.4 million, or 65.8 % performance of the annual estimates. Revenues from social security and health insurance contributions are BGN 6,241.4 million, or 57.8 % of those planned for the year.

Non-tax revenues amount to BGN 3,376.1 million, or 49.8 % of the annual estimates, and proceeds from grants and donations amount to BGN 1,835.9 million.

The expenditures under the CFP, including the contribution of the Republic of Bulgaria to the EU budget, amount to BGN 23,542.7 million as of July 2020, which is 49.1 % of the annual estimates. For comparison, the expenditures under the CFP as of end-July 2019 amounted to BGN 22,756.3 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 and July 2020), the higher staff costs, etc.

Non-interest expenditures amount to BGN 22,353.5 million, which is 49.1 % of the annual plans. Non-interest current expenditures as of July 2020 amount to BGN 20,667.4 million and capital expenditures (including net increment of state reserve) amount to BGN 1,664.7 million. The current and capital transfers to other countries amount to BGN 21.4 million. Interest payments amount to BGN 433.9 million, or 59.9 % of those planned for 2020.

The part of Bulgaria's contribution to the EU budget, paid from the central budget as of 31.07.2020, amounts to BGN 755.3 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 July 2020 is positive, amounting to BGN 1,723.8 million and is formed by an excess of revenues over expenditures under the national budget of BGN 1,182.7 million as well as under EU funds of BGN 541.1 million.

Fiscal reserve as of 31.07.2020 is BGN 10.14 billion, including BGN 9.78 billion fiscal reserve deposits in BNB and banks and BGN 0.36 billion receivables under the EU Funds for certified expenditure, advance payments, etc.

The Consolidated Fiscal Programme performance data as of 31 July 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.

 

[1] Estimates to the Law amending and supplementing the 2020 State Budget of the Republic of Bulgaria Law (prom., SG, 34 of 2020, in force from 09.04.2020)

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