04.01.2010

The budget balance under the consolidated fiscal program on a monthly basis for November is positive, amounting to 47.4 million. As a result of the decisive actions taken by the government to stabilize the budget stance of the country by means of reforms in the revenue administrations, measures to improve revenue collection and to curb public expenditures the deficit on a monthly basis had been overcome by September and for the last two months the balance of the consolidated budget has been positive.

Revenues and grants under the consolidated fiscal program as of end-November stood at BGN 22 476,1 million, or 69,0 % of those planned under the 2009 State Budget of the Republic of Bulgaria Law. The reported proceeds are 89,2 % on a year-on-year basis.

Tax revenues (including proceeds from security contributions) as of end-November totaled BGN 18 197,5 million, which is 70,7% of the annual estimate. Tax revenues formed 81,0 % of the total proceeds under the consolidated fiscal program. Revenues from direct taxes were BGN 3 525,4 million, or 71,3 % of those planned for the year. Indirect tax revenues were BGN 9 301,9 million, which is 67,4 % of the program for the year. VAT revenues were BGN 5 653,5 million or 80,0 % on a year-on-year basis. Excise duty revenues for the period were BGN 3 533,4 million, registering a decrease in nominal terms by approximately BGN 161,6 million or 4,4 % on a year-on-year basis. The performance against the annual estimate by individual types of taxes in the group is as follows: VAT revenues are 60,7 % of those planned in the 2009 State Budget of the Republic of Bulgaria Law, excise duty revenues - 82,9 %, and customs duty revenues - 53,5 %. Revenues from other taxes (including property taxes and other taxes under the Corporate Income Taxation Law) were BGN 618,8 million or 62,7 % of the annual estimate. Revenues from social security and health insurance contributions as of end-November 2009 were BGN 4 751,4 million or 79,2 % of the annual estimate.

Non-tax revenues and grants were BGN 4 278,6 million, or 62,7% of the annual estimate.

The expenditures under the consolidated budget (including the contribution of Republic of Bulgaria to the EU general budget) as of 30.11.2009 amounted to BGN 22 974,4 million, which is 75,7 % of the annual estimate. Non-interest current expenditures were BGN 18 597,9 million, or 79,9 % of the estimate for the year; capital expenditures (including the net growth of the state reserve) amounted to BGN 3 193,3 million, or 61,3 % of the estimate for 2009; and interest payments amounted to BGN 502,4 million, or 78,9 % of the projected for 2009.

The part of Bulgaria's contribution to the EU general budget, paid as of November 2009 from the central budget, amounted to BGN 680,8 million which is in compliance with the requirements of Council Regulation 1150/2000.

As of end-November the budget balance under the consolidated fiscal program was negative, amounting to BGN 498,3 million; it is formed by a negative budget balance under the national budget of BGN 440,9 million and a negative balance under the EU funds of BGN 57,4 million.

The fiscal reserve as of 30.11.2009 was BGN 8 096,7 million.

The data on the implementation of the consolidated budget as of 30 November 2009 are published in "Budget" category/ "Statistics" section on the website of the Ministry of Finance. An Information Bulletin on the execution of the consolidated budget, which presents a short analysis of the performance of the key budget parameters on a consolidated level and by constituent budgets, has also been published.