site.btaBudget with Lv 1,746 Mln Surplus in June

Sofia, August 9 (BTA) - At its weekly meeting Wednesday, the government approved a report on the implementation of the national budget and the key parameters of the consolidated fiscal programme (CFP) for the first half of 2017. Based on the monthly reports from first-level spending units, the CFP balance on a cash basis was positive as of end-June 2017, amounting to 1,746.7 million leva, or 1.8 per cent of the projected GDP.

The balance resulted from a national budget surplus of 1,777.7 million leva and a deficit of EU funds of 31 million leva.

Between January and June 2017, CFP revenues and grants stood at 17,481.8 million leva. The collection of tax revenue is strong, at 51.9 per cent of yearly target. Non-tax revenue remained close to the level for this time last year.

Tax proceeds, including revenues from social security contributions and health insurance contributions, totalled 14,537.8 million leva over the six-month period, which was 9.1 per cent up from this time last year.

Revenue from indirect taxes stood at 7,110.3 million leva, which was 50.7 per cent of the annual target. This revenue category showed an increase by 275.6 million leva (4 per cent) from this time last year. The revenue from VAT totalled 4,730.9 million leva or 53.9 per cent of the annual target.

Revenues from social security contributions and health insurance contributions between January and June 2017 totalled 4,028.6 million leva, accounting for 50.8 per cent of the annual target. Compared to January-June 2016, revenues from social security and health insurance contributions rose by 504.4 million leva, or 14.3 per cent, in nominal terms.

Non-tax revenues amounted to 2,274.2 million leva, or 47.8 per cent of the amount planned for the whole year.

Revenues from grants were 669.8 million leva, or 25.3 per cent of those planned for the year.

Addressing the government at its meeting, Prime Minister Boyko Borissov said the strong performance is not a reason to sit back and relax, and that more revenues needs to be collected. "When there is a stable political environment and concerted actions by the revenue agencies, the law-enforcing services and the prosecution office, the results are obvious," he said adding that every spell of instability causes contraband trade to thrive.