31.07.2015

The first level spending units' monthly reports show that the Consolidated Fiscal Programme had a surplus of BGN 890.0 million (1.1% of projected GDP) as at the end of June 2015. It is formed by a surplus under the national budget of BGN 439.9 million and a surplus under EU funds of BGN 450.2 million. For comparison, at the end of June 2014 the budget balance under CFP was a deficit to the amount of BGN 996.4 million (1.2% 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 30.06.2015 stand at BGN 16,303.1 million, or 53.7% 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 2,132.4 million (15.0%). In structural terms tax revenues have increased by BGN 1,106.4 million (9.9%), non-tax revenues - by BGN 194.7 million (10.7%), and receipts from grants (mainly EU funds) - by BGN 831.2 million (71.2%).

At end-June tax proceeds, including revenues from social security contributions, total BGN 12,286.0 million, which is 51.2% 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 2,364.6 million, or 53.8% of the 2015 annual plans. Compared to the first half of the previous year the revenues in this group have increased by 5.1%, mainly driven by the proceeds from corporate taxes as well as from personal income tax.

Indirect tax revenues amount to BGN 6,040.1 million, or 49.9% of the 2015 Annual Budget Law plans. VAT revenues amount to BGN 3,946.3 million or 51.0% of the annual plan and by BGN 459.8 million more compared to the same period of 2014. The non-refunded tax credit to companies as of 30.06.2015 amounts to BGN 113.3 million. Excise duty revenues amount to BGN 2,006.7 million (48.0% of the annual plans), growing by 9.4%, or BGN 171.9 million, compared to June 2014. Custom duty revenues are BGN 75.4 million or 52.1% of the annual plans, increasing by 7.6% as compared to the first half of 2014. Proceeds from other taxes, including property taxes and other taxes under the Corporate Income Tax Law, amount to BGN 529.6 million, or 61.1% of the annual plans. Revenues from social security and health insurance contributions are BGN 3,351.8 million, or 50.4% of those planned for the year. Compared to the same period of the previous year these revenues have risen by 10.4% (BGN 314.5 million) in nominal terms

Non-tax revenues amount to BGN 2,018.9 million or 60.4% of the annual plans. 

Grants from the country and abroad (including grants from EU Funds) amount to BGN 1,998.2 million or 66.7% 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-June 2015 amount to BGN 15,413.0 million, which is 46.9% of the annual plans. Compared to the same period of the previous year, total CFP expenditures have risen by BGN 246.0 million (1.6%).

Non-interest expenditures amount to BGN 14,598.1 million or 47.7% of the annual plans. Non-interest current expenditures as of 30.06.2015 amount to BGN 12,640.5 million, or 50.1% of the annual plans, capital expenditures (including net increment of state reserve) amount to BGN 1,957.7 million, or 36.3% of the plans under the 2015 Annual Budget Law. Interest payments amount to BGN 309.6 million, or 35.5% of the plans for 2015.

The part of Bulgaria's contribution to the EU budget, paid as of 30.06.2015 from the central budget, amounts to BGN 505.3 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 (EC, Euratom) No 1150/2000 implementing Decision 2007/436/EC.

Fiscal reserve as of 30.06.2015 is BGN 11.0 billion, including BGN 10.8 billion deposits in BNB and banks and BGN 0.2 billion receivables under the EU Funds for certified expenditure, advance payments, etc.

The data on the Consolidated Fiscal Programme implementation as of 30.06.2015 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.