site.btaConsolidated Fiscal Programme for March 2016 Shows Surplus

Consolidated Fiscal Programme for March 2016 Shows Surplus

Sofia, April 30 (BTA) - The consolidated fiscal programme (CFP) balance for March 2016 shows surplus to the amount of BGN 1,863.6 million (2.1 per cent of forecast GDP), the Finance Ministry said. It is formed by a surplus under the national budget of BGN 819.7 million and a surplus under EU funds of BGN 1,043.9 million. For comparison, a CFP surplus of BGN 255.9 million (0.3 per cent of GDP) was reported in the first quarter of 2015, which means that, as a relative share of GDP, the budget stance has improved by 1.8 percentage points.

Consolidated revenues and grants under the CFP by March 2016 stand at BGN 9,097.1 million, or 27.6 per cent of the annual target. Compared to the first quarter of the previous year, revenues and grants have grown by BGN 1,302.0 million, or by 16.7 per cent.

Tax proceeds, including revenues from social security and health insurance contributions, total BGN 6,596.9 million, which is 25.4 per cent of the annual target. Compared to March 2015 tax revenues have risen by 11.1 per cent (BGN 659.4 million) in nominal terms.

The non-refunded VAT amount as of end-March is BGN 141.2 million. Growth is reported in excise duty revenues which amount to BGN 1,069.2 million (22.9 per cent of the annual plans), and compared to March 2015 have risen by 12.6 per cent or BGN 119.4 million. Customs duty proceeds amount to BGN 41.0 million, or 27.3 per cent of the annual target.

Proceeds from other taxes, including property taxes and other taxes under the Corporate Income Tax Law, amount to BGN 286.4 million, or 31.4 per cent of the annual estimates.

Revenues from social security and health insurance contributions are BGN 1,696.6 million, or 23.8 per cent of those planned for the year. Compared to the previous year these revenues have risen by 4.4 per cent (BGN 71.9 million) in nominal terms.

Non-tax revenues amount to BGN 1,200.0 million or 26.8 per cent of the annual plans or by BGN 120.2 million more compared to March 2015.

The expenditures under the Consolidated Fiscal Programme, including the contribution of the Republic of Bulgaria to the EU budget, amount to BGN 7,233.5 million as of end-March 2016.