31.05.2016

The first level spending units' monthly reports show that the consolidated fiscal programme balance on a cash basis as of end-April 2016 is positive to the amount of BGN 2,350.9 million (2.6% of forecast GDP) and is formed by a surplus under the national budget of BGN 1,388.0 million and a surplus under EU funds of BGN 962.9 million. For comparison the balance for the first four months of 2015 was surplus to the amount of BGN 1,066.6 million, (1.2% of GDP), i.e., if referred to GDP, the budget position has improved by 1.4 percentage points. The factors behind the improved budget position continue to be the higher revenues and the lower expenditure compared to the same period of the previous year. 

Consolidated revenues and grants under CFP as at end-April 2016 stand at BGN 12,169.6 million, or 36.9% of the annual plans. Compared to the first four months of 2015 revenues and grants have risen by BGN 839.6 million (7.4%). The growth as compared to the previous year is due to the higher tax and non-tax revenues which have risen by BGN 1,010.0 million while grants (funds reimbursed by the European Commission) are less by BGN 170.4 million.

Tax proceeds, including revenues from social security contributions, total BGN 9,189.3 million, which is 35.4% of the annual plans. Compared to April 2015 tax revenues have risen by 10.5% (BGN 869.6 million) in nominal terms. In structural terms the highest growth is reported in indirect tax revenues.

Revenues from direct taxes amount to BGN 1,890.2 million or 40.3% of the 2016 annual plans, rising compared to the first four months of 2015 by BGN 160.3 million (9.3%).

Revenues from indirect taxes amount to BGN 4,514.6 million, or 34.0% of the annual plans for 2016, rising compared to the previous year by BGN 567.6 million (14.4%). VAT revenues amount to BGN 3,007.3 million or 35.8% of the annual plan. Compared to the previous year these revenues have risen by BGN 393.8 million. The non-refunded VAT amount as of end-April stands at BGN 142.5 million. Growth is reported in excise duty revenues which amount to BGN 1,440.0 million (30.8% of the annual plans), and compared to April 2015 have risen by 13.2% or BGN 168.1 million. Custom duties revenues are BGN 54.5 million or 36.3% of the annual plan.

Proceeds from other taxes, including property taxes and other taxes under the Corporate Income Tax Law, amount to BGN 466.6 million, or 51.2% of the plans.

Revenues from social security and health insurance contributions are BGN 2,317.9 million, or 32.5% of those planned for the year. Compared to the previous year these revenues have risen by 4.5% (BGN 100.0 million) in nominal terms 

Non-tax revenues amount to BGN 1,647.6 million or 36.8% of the annual plans, or by BGN 140.4 million (9.3%) more compared to April 2015.

Grants from the country and abroad (including grants from EU Funds) amount to BGN 1,332.8 million or 52.4% 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 April 2016 amount to BGN 9,818.7 million, which is 28.2% of the annual plans. For comparison, expenditure as of April 2015 amounted to BGN 10,263.4 million.

Non-interest expenditures amount to BGN 9,200.9 million or 28.2% of the annual plans. Non-interest current expenditure as of April 2016 amount to BGN 8,692.0 million, or 32.8% of the plans, capital expenditures (including net increment of state reserve) amount to BGN 508.9 million, or 8.3% of the plans for 2016. Interest payments amount to BGN 323,0 million, or 40,3% of the plans for 2016.

The part of Bulgaria's contribution to the EU budget, paid as of April 2016 from the central budget, amounts to BGN 294.7 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 as amended by Regulation No 2018/2004, Regulation No 105/2009 and Regulation No 1377/2014, implementing Decision 2007/436/EC.

Fiscal reserve as of 30.4.2016 is BGN 12.3 billion, including BGN 11.4 billion deposits in BNB and banks and BGN 0.9 billion receivables under the EU Funds for certified expenditure, advance payments, etc. 

Data on consolidated fiscal programme implementation as of 30 April 2016 are published on the website of the Ministry of Finance in section "Statistics".