site.btaFinance Ministry Reports Positive Consolidated Fiscal Programme Balance for January 2016

Finance Ministry Reports Positive Consolidated Fiscal Programme Balance for January 2016

Sofia, March 1 (BTA) - Based on the monthly data of first-level spending units, the Consolidated Fiscal Programme (CFP) balance on a cash basis as of end-January 2016 is positive, amounting to 991.6 million leva, or 1.1 per cent of the projected GDP, and is formed by a national budget surplus of 811.1 million leva and a deficit of EU funds of 180.5 million leva, the press centre of the Finance Ministry said.

The CFP revenues and grants in January 2016 stand at 3,130.3 million leva, or 9.5 per cent of the annual estimates. Compared to the previous year, revenues and grants have risen by 658.7 million leva, or by 26.7 per cent.

The tax proceeds, including revenues from social security contributions, total 2,568.3 million leva, which accounts for 9.9 per cent of the revenues planned for the year. Compared to January 2015, tax proceeds have risen in nominal terms by 395.9 million leva, or by 18.2 per cent. In structural terms, the proceeds from indirect taxes report the most considerable growth.

The direct tax revenues amount to 245.9 million leva, or 5.2 per cent of those planned in the 2016 State Budget of the Republic of Bulgaria Act, being by 11.1 million leva, or 4.3 per cent, less than in the first month of 2015. In January 2016, some growth is reported for PIT and CIT revenues, while the revenues from dividend taxes, liquidation quotas and income of resident and non-resident legal persons are lower than in the first month of 2015.

Revenues from indirect taxes amount to 1,737.4 million leva, which accounts for 13.1 per cent of the 2016 budget target, growing by 393.2 million leva (29.3 per cent) in comparison to the previous year.

The VAT proceeds amount to 1,155.5 million leva, or 13.7 per cent, of those planned for the year. As compared to the previous year, the VAT revenues have risen by 180.3 million leva. The amount of the non-refunded VAT as of end-January is 134.4 million leva. There is a growth of the excise duty revenues which amount to 565.4 million leva, or 12.1 per cent of the annual estimates, growing by 213.0 million leva, or by 60.4 per cenr, as against April 2015. The customs duty proceeds amount to 13.1 million leva, or 8.7 per cent of the estimates for the year.

Proceeds from other taxes, including property taxes, amount to 45.8 million leva, or 5.0 per cent of the annual estimates.

Revenues from social security and health insurance contributions are 539.2 million leva, or 7.6 per cent of the estimates for the year. Compared to the previous year, the revenues from social security contributions have risen by 13.1 million leva, or by 2.5 per cent, in nominal terms.

Non-tax revenues amount to 342.4 million leva, or 7.6 per cent of the annual estimates.

Proceeds from grants received domestically or from abroad, including EU grants, amount to 219.6 million leva, which accounts for 8.6 per cent of the annual estimates.

The Consolidated Fiscal Programme expenditures, including the contribution of the Republic of Bulgaria to the EU budget for January 2016, amount to 2,138.8 million leva, which accounts for 6.1 per cent of the annual estimates. For comparison, the CFP expenditures for January 2015 amount to 2,402.5 million leva.

Non-interest expenditures amount to 2,021.8 million leva, which accounts for 6.2 per cent of the annual estimates. The non-interest current expenditures for January 2016 amount to 1,964.5 million leva, 7.4 per cent of the annual estimates, capital expenditures (including net increment of state reserve) amount to 57.3 million leva. Interest payments amount to 95.1 million leva, or 11.9 per cent of those planned for 2016.

The part of Bulgaria's contribution to the EU budget, as paid from the central budget in January 2016, amounts to 21.9 million leva.

The fiscal reserve as of January 31, 2016 is 9,200 million leva, including 7,200 million of deposits in BNB and in banks and 1,950 million of receivables under the EU Funds for certified expenditure, advance payments, etc.