30.11.2015

Based on the monthly data of first-level spending units, a surplus of BGN 63.9 million (0.1% of the projected GDP) is reported under the Consolidated Fiscal Programme (CFP) as of end-October 2015. It is formed by a national budget surplus of BGN 383.4 million and a deficit of EU funds of BGN 319.5 million. For comparison, the CFP budget balance at end-October 2014 was a deficit of BGN 1,760.1 million (2.1% of GDP), i.e. the budget stance, as a relative share of GDP, has improved by 2.2 percentage points.

The CFP revenues and grants as of 31.10.2015 stand at BGN 26,534.5 million, or 87.4% of the annual plans under the 2015 State Budget of the Republic of Bulgaria Law. Compared to the same period of the previous year, revenues and grants have grown by BGN 2,513.9 million, or by 10.5%. In structural terms, tax revenues have grown by BGN 1,445.9 million, or 7.5%, non-tax revenues - by BGN 160.0 million, or 5.4%, and grant proceeds (mainly EU funds) - by BGN 908.0 million, or by 48.3%.

At end-October, tax proceeds, including revenues from social security contributions, total BGN 20,600.6 million, which accounts for 85.8% of annual plans All major taxes and social security contributions in the group of tax revenues register a growth in comparison to the same period of the previous year, with this growth being most substantial for the proceeds in the group of indirect taxes followed by the revenues from social security and health insurance contributions and others.

Revenues from direct taxes amount to BGN 3,618.0 million, which accounts for 82.2% of the annual plans for 2015. Compared to the same period of the previous year, the revenues in this group have grown by 5.3%, which is mostly due to the proceeds from corporate taxes and from personal income taxes.

Revenues from indirect taxes amount to BGN 10,555.5 million, or 87.3% of the State Budget of the Republic Bulgaria Law estimates for 2015. The VAT proceeds amount to BGN 6,662.6 million, or 86.1% of those planned for the year. Compared to the nine months of 2014, VAT revenues grow by 7.1%. The non-refunded tax credits as of 31.10.2015 amount to BGN 170.4million. The excise duty revenues amount to BGN 3,741.9 million, or 89.5% of the annual estimates), growing by 11.0% as against October 2014. The customs duty proceeds amount to BGN 127.3 million, or 88.0% of the annual plans, registering a growth of 2.1% as against the same period of 2014. Proceeds from other taxes (including property taxes and other taxes under the Corporate Income Tax Law) amount to BGN 744.5 million, or 86.0% of the annual plans, which is a growth by 3.0% compared to the nine months of 2014. Revenues from social security and health insurance contributions are BGN 5,682.6 million, or 85.5% of those planned for the year. Compared to the same period of the previous year, the revenues from social security contributions have risen by 8.1%.

Non-tax revenues amount to BGN 3,145.6 million, or 94.1% of the estimates for 2015. 

Proceeds from grants received domestically or from abroad, including EU grants, amount to BGN 2,788.4 million, which accounts for 93.1% of the estimates for the year.

The expenditures under the Consolidated Fiscal Programme, including the contribution of the Republic of Bulgaria to the EU budget, amount to BGN 26,470.6 million as of end-October 2015, which is 80.6% of the annual plans. Compared to the same period of the previous year, the overall CFP expenditures have risen by BGN 689.8 million, or by 2.7%. In structural terms, there is a growth for capital expenditures mostly, while non-interest current expenditures are close to those reported in nominal terms for the same period of the previous year.

Non-interest expenditures amount to BGN 25,149.6 million, which accounts for 82.2% of the annual plans. Non-interest current expenditures as of 31.10.2015 amount to BGN 20,996.2 million, or 83.3% of the plans, capital expenditures (including net increment of state reserve) amount to BGN 4,153.4 million, or 77.0% of the plans for 2015. Interest payments amount to BGN 636.3 million, or 73.0% of those planned for 2015.

The part of Bulgaria's contribution to the EU budget, as paid as of 31.10.2015 from the central budget, amounts to BGN 684.7 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.

The fiscal reserve as of 31.10.2015 is BGN 10.2 billion, including BGN 9.7 billion of deposits in BNB and banks and BGN 0.5 billion of receivables under the EU Funds for certified expenditures, advance payments, etc.

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