30.09.2015

The first level spending units' monthly reports show that the Consolidated Fiscal Programme (CFP) had a surplus of BGN 622.0 million (0.7% of projected GDP) as at the end of August 2015. It is formed by a surplus under the national budget of BGN 533.4 million and a surplus under EU funds of BGN 88.7 million. For comparison, at the end of August 2014 the budget balance under CFP was a deficit to the amount of BGN 1,275.6 million (1.6% 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.

The revenues and grants under CFP as of 31.08.2015 stand at BGN 21,490.9 million, or 70.8% 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 2,275.8 million (11.8%). In structural terms tax revenues have increased by BGN 1,431.5 million (9.5%), non-tax revenues - by BGN 122.3 million (5.1%), and receipts from grants (mainly EU funds) - by BGN 722.0 million (43.2%).

At end-August tax proceeds, including revenues from social security contributions, total BGN 16,554.1 million, which is 68.9% of the annual 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 3,006.7 million, or 68.3% of the 2015 annual plans. Compared to the same period of the previous year the revenues in this group have increased by 5.5%, mainly driven by the proceeds from corporate taxes as well as from personal income tax.

Indirect tax revenues amount to BGN 8,401.4 million, or 69.5% of the 2015 Annual Budget Law plans. VAT revenues amount to BGN 5,387.4 million or 69.6% of the annual plan and by BGN 541.7 million more compared to the same period of 2014. The non-refunded tax credit to companies as of 31.08.2015 amounts to BGN 137.1 million. Excise duty revenues amount to BGN 2,895.2 million (69.3% of the annual plans), growing by 12.7%, or BGN 325.5 million, compared to August 2014. Custom duty revenues are BGN 99.5 million or 68.7% of the annual plans, increasing by 0.1% as compared to August 2014. Proceeds from other taxes, including property taxes and other taxes under the Corporate Income Tax Law, amount to BGN 634.1 million, or 73.2% of the annual plans. Revenues from social security and health insurance contributions are BGN 4,512.0 million, or 67.8% of those planned for the year. Compared to the same period of the previous year these revenues have risen by 9.1% (BGN 375.7 million) in nominal terms.

Non-tax revenues amount to BGN 2,543.3 million or 76.1% of the annual plans. 

Grants from the country and abroad (including grants from EU Funds) amount to BGN 2,393.5 million or 79.9% 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-August 2015 amount to BGN 20,868.9 million, which is 63.6% of the annual plans. Compared to the same period of the previous year, total CFP expenditures have risen by BGN 378.2 million (1.8%).

Non-interest expenditures amount to BGN 19,781.6 million or 64.6% of the annual plans. Non-interest current expenditures as of 31.08.2015 amount to BGN 16,779.6 million, or 66.5% of the annual plans, capital expenditures (including net increment of state reserve) amount to BGN 3,002.0 million, or 55.7% of the plans under the 2015 Annual Budget Law. Interest payments amount to BGN 491.0 million, or 56.3% of the plans for 2015.

The part of Bulgaria's contribution to the EU budget, paid as of 31.08.2015 from the central budget, amounts to BGN 596.3 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 No 1150/2000 as amended by Regulation No 2018/2004, Regulation № 105/2009 and Regulation № 1377/2014 implementing Decision 2007/436/EC.

Fiscal reserve as of 31.08.2015 is BGN 11,1 billion, including BGN 10.7 billion deposits in BNB and banks and BGN 0.4 billion receivables under the EU Funds for certified expenditure, advance payments, etc.

The data on the Consolidated Fiscal Programme implementation as of 31 August 2015 are published on the website of the Ministry of Finance in category "Statistics". 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.