site.btaConsolidated Fiscal Programme Performance as of June 2018

Sofia, July 2 (BTA) - Based on preliminary data and estimates, the Consolidated Fiscal Programme (CFP) balance as of June 2018 is expected to be positive, amounting to 1,739.0 million leva (1.7 per cent of the projected GDP), the Bulgarian Finance Ministry said in a press release.

The CFP revenues and grants stood at 19,239.3 million leva, or 50.3 per cent of the annual estimates, and an increase of 1,756.2 million leva compared to the same period of the previous year.

CFP expenditures, including the contribution of the Republic of Bulgaria to the EU budget amounted to 17,500.3 million leva, which accounted for 44.5 per cent of the annual estimates. By comparison, the expenditures for the same period of the previous year amounted to 15,737.3 million leva. The nominal increase was due both to the higher national budget expenditures and to the increasing expenditures under the European Union fund accounts.

The portion of the contribution of the Republic of Bulgaria to the EU budget paid up as at June 30 was 576.3 million leva.

Based on the monthly reports of budget authorizers by delegation, the CFP balance on a cash basis as of May 2018 was positive, amounting to 1,421,6 million leva, or 1.4 per cent of the projected GDP, and was formed by a national budget surplus of 1,703.4 million leva and by a EU funds deficit of 281.8 million leva.

The CFP revenues and grants in May 2018 stood at 15,978.4 million leva, or 41.8 per cent of the annual estimates. Compared to the same period of the previous year, tax and non-tax revenues rose by 1,312.2 million leva, or by 9.3 per cent, with grant proceeds being lower.

Tax proceeds, including revenues from social security contributions, totalled 13,405.4 million leva, which accounted for 43.0 per cent of the revenues planned for the year. Compared to the data for May 2017, tax proceeds rose in nominal terms by 9.9 per cent, or by 1,208.2 million leva.

Direct tax revenues amounted to 2,742.9 million leva, or 47.6 per cent of the estimates planned for the year, growing by 317.7 million leva (13.1 per cent) compared to the same period of the previous year.

Indirect tax revenues amounted to 6,264.7 million leva, which accounted for 41.3 per cent of the annual estimates. VAT proceeds amounted to 4,220.0 million leva, or 43.1 per cent of those planned. The amount of non-refunded VAT as of May 31, 2018 was 61.9 million leva. The excise duty revenues amounted to 1,928.2 million leva, or 37.4 per cent of the annual estimates. Customs duty proceeds amounted to 98.4 million leva, or 51.7 per cent of the estimates for the year.

Proceeds from other taxes, including property taxes and other taxes under the Corporate Income Tax Act, amounted to 600.6 million leva, or 54.7 per cent of the annual estimates.

Revenues from social-insurance and health-insurance contributions were 3,797.2 million leva, which accounted for 41.6 per cent of the estimates for the year. Compared to the same period of the previous year, the revenues from social security contributions rose by 468.2 million leva, or by 14.1 per cent, in nominal terms.

Non-tax revenues amounted to 2,084.8 million leva, which accounted for a performance of 44.3 per cent of the annual estimates.

Grant proceeds amounted to 488.2 million leva.

CFP expenditures, including the contribution of the Republic of Bulgaria to the EU budget for May 2018, amounted to 14,556.8 million leva, which accounted for 37.0 per cent of the annual estimates.