31.08.2015

The first level spending units' monthly reports show that the Consolidated Fiscal Programme had a surplus of BGN 789.4 million as at the end of July 2015 (0.9% of forecast GDP). It is formed by a surplus under the national budget of BGN 406.3 million and a surplus under EU funds of BGN 383.1 million. For comparison, at the end of July 2014 the budget balance under CFP was a deficit to the amount of BGN 1,147.2 million (1.4% of GDP), i.e., if referred to GDP, the budget position has improved by 2.3 percentage points. The improvement of the budget position is due to the growth of revenues under the national budget as well as to the growth of grants.

Consolidated revenues and grants under CFP as of 31.07.2015 stand at BGN 19,019.6 million, or 62.7% of the plans under the 2015 Annual Budget Law. Compared to the same period of the previous year revenues and grants have risen by BGN 2,179.0 million (12.9%). In structural terms tax revenues have increased by BGN 1,244.7 million (9.4%), non-tax revenues - by BGN 100.67 million (4.5%), and receipts from grants (mainly EU funds) - by BGN 833.7 million (58.5%).

At end-July 2015 tax proceeds, including revenues from social security contributions, total BGN 14,435.2 million, which is 60.1% of the 2013 plans. In the group of tax revenues, all key taxes and security contributions have registered growth as compared to the same period of the previous year, with the highest increase being that of proceeds in the group of indirect taxes, followed by revenues from health and social security contributions.

Revenues from direct taxes amount to BGN 2,739.6 million, or 62.3% of the 2015 annual plans. Compared to the same period of the previous year the revenues in this group have increased by 5.3%, mainly driven by the proceeds from corporate taxes as well as from personal income tax.

Revenues from indirect taxes amount to BGN 7,165.7 million, or 59.2% of the annual plans for 2015. VAT revenues amount to BGN 4,647.0 million or 60.0% of the annual plan and by BGN 520.5 million more compared to the same period of 2014. The non-refunded tax credit to companies as of 31.07.2015 amounts to BGN 134,6 million. Excise duty revenues amount to BGN 2,414.3 million (57.8% of the annual plans), and compared to July 2014 have risen by 10.0% or BGN 219.2 million. Custom duties revenues are BGN 87.2 million, or 60.2 % of the annual plan, and also report growth by 2.0 % compared to July 2014. Proceeds from other taxes, including property taxes and other taxes under the Corporate Income Tax Law, amount to BGN 588,0 million, or 67.9% of the annual estimates. Revenues from social security and health insurance contributions are BGN 3,942.0 million, or 59.3% of those planned for the year. Compared to the same period of the previous year these revenues have risen by 9.3% (BGN 335.7 million) in nominal terms

Non-tax revenues amount to BGN 2,324.3 million or 69.5% of the annual plans. 

Grants from the country and abroad (including grants from EU Funds) amount to BGN 2,260.1 million or 75.5% of the annual plan.

The expenditures under the Consolidated Fiscal Programme, including the contribution of the Republic of Bulgaria to the EU budget, as of end-July 2015 amount to BGN 18,230.1 million, which is 55.5% of the annual plans. Compared to the same period of the previous year, total CFP expenditures have risen by BGN 242.3 million (1.3%).

Non-interest expenditures amount to BGN 17,216.8 million or 56.2% of the annual plans. Non-interest current expenditures as of 31.7.2015 amount to BGN 14,773.1 million, or 58.6% of the plans, capital expenditure (including net increment of state reserve) amount to BGN 2,443.7 million, or 45.3% of the plans for 2015. Interest payments amount to BGN 473,0 million, or 54,3% of the plans for 2015.

The part of Bulgaria's contribution to the EU budget, paid as of 31.7.2015 from the central budget, amounts to BGN 540.3 million, which complies with the current legislation on EU own resources, Council Decision 2007/436/EC, Euratom on the system of the Communities' own resources and Council Regulation (EC, Euratom) No 1150/2000 implementing Decision 2007/436/EC.

Fiscal reserve as of 31.7.2015 is BGN 11.2 billion, including BGN 10.7 billion deposits in BNB and banks and BGN 0.5 billion receivables under the EU Funds for certified expenditure, advance payments, etc.

Data on consolidated fiscal programme implementation as of 31 July 2015 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.