30.12.2015

Based on the monthly reports of first-level spending units, a deficit of BGN 406.4 million (0.5% of the projected GDP) is reported under the Consolidated Fiscal Programme (CFP) as of end-November 2015. It is formed by a national budget deficit of BGN 82.5 million and a deficit of EU funds of BGN 323.9 million. For comparison, the CFP budget balance at end-November 2014 was a deficit of BGN 1,600.7 million (1.9% of GDP), i.e. the budget stance, as a relative share of GDP, has improved by 1.4 percentage points.

The CFP revenues and grants as of 30.11.2015 stand at BGN 29,076.2 million, or 91.9% of the revised annual plans. Compared to the same period of the previous year, revenues and grants have increased by BGN 2,337.8million, or by 8.7%. In structural terms, tax revenues have grown by BGN 1,487.1 million, or 7.1%, non-tax revenues - by BGN 218.1 million, or 6.8%, and grant proceeds (mainly EU funds) - by BGN 632.6 million, or by 25.2%.

At end-November 2015, tax proceeds, including revenues from social security contributions, total BGN 22,510.2 million, which is 91.0% of the 2015 State Budget of the Republic of Bulgaria Law. 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 from social security and health insurance contributions, indirect taxes and others.

Revenues from direct taxes amount to BGN 3,952.8 million, which accounts for 88.7% of the annual plans for 2015. Compared to the same period of the previous year, the revenues in this group have grown by 5.9%, which is mostly due to the proceeds from the personal income tax and from corporate taxes.

Revenues from indirect taxes amount to BGN 11,494.1 million, or 90.1% of the 2015 State Budget of the Republic Bulgaria Law estimates. The VAT proceeds amount to BGN 7,198.7 million, or 89.0% of those planned for the year. Compared to November 2014, VAT revenues have grown by 5.1%. The non-refunded tax credits as of 30.11.2015 amount to BGN 156.2 million. The excise duty revenues amount to BGN 4,125.1 million, or 91.9% of the annual estimates), growing by 10.9% as against November 2014. The customs duty proceeds amount to BGN 143.8 million, or 95.9% of the annual estimates, registering a growth of 3.1% compared to the same period of 2014. Proceeds from other taxes (including property taxes and other taxes under the Corporate Income Tax Law) amount to BGN 795.0 million, or 92.0% of the annual plans, which is a growth by 4.0% compared to November 2014. Revenues from social security and health insurance contributions are BGN 6,268.3 million, or 94.3% of the estimates for the year. Compared to the same period of the previous year, the revenues from social security contributions have risen by 8.2%.

Non-tax revenues amount to BGN 3,422.5 million, or 94.6% of the annual estimates. 

Proceeds from grants received domestically or from abroad, including EU grants, amount to BGN 3,143.4 million, which accounts for 95.1% 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 29,482.5 million as of end-November 2015, which is 85.4% of the annual estimates. Compared to the same period of the previous year, the overall CFP expenditures have risen by BGN 1,143.4 million, or by 4.0%. In structural terms, there is a growth for capital expenditures mostly, while non-interest current expenditures, in nominal terms, are close to those reported for the same period of the previous year.

Non-interest expenditures amount to BGN 27,890.4 million, which accounts for 87.4% of the annual estimates. Non-interest current expenditures as of 30.11.2015 amount to BGN 23,087.8 million, or 90.1% of the annual estimates, capital expenditures (including net increment of state reserve) amount to BGN 4,802.6 million, or 76.3% of the 2015 State Budget of the Republic Bulgaria Law estimates. Interest payments amount to BGN 656.4 million, or 75.3% of those planned for 2015.

The part of Bulgaria's contribution to the EU budget, as paid as of 30.11.2015 from the central budget, amounts to BGN 935.8 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 30.11.2015 is BGN 9.9 billion, including BGN 9.5 billion of fiscal reserve deposits with BNB and banks and BGN 0.4 billion of receivables under the EU Funds for certified expenditures, advance payments, etc.

Data on Consolidated Fiscal Programme implementation as of 30 November 2015 are published on the website of the Ministry of Finance, in "Statistics" section.