site.btaConsolidated Fiscal Programme Balance at End-April 2017 was Positive, at Lv 1,590.7 Mln

Consolidated Fiscal Programme Balance
at End-April 2017 was Positive,
at Lv 1,590.7 Mln


Sofia, June 1 (BTA) - Based on the monthly reports from first-level spending units, Bulgaria's Consolidated Fiscal Programme (CFP) balance on a cash basis was positive as of end-April 2017, amounting to 1,590.7 million leva, or 1.6 per cent of the projected GDP. The balance resulted from a national budget surplus of 1,561.0 million leva and a surplus of EU funds of 29.7 million leva, the Finance Ministry reported on Thursday.

Between January and April 2017, CFP revenues and grants stood at 12,016.8 million leva, which was 33.9 per cent of the annual target. Compared to January-April 2017, tax and non-tax revenues rose by 736.5 million leva (6.8 per cent), while grant proceeds went down.

Tax proceeds, including revenues from social security contributions and health insurance contributions, totalled 9,986.8 million leva over the four-month period, accounting for 35.6 per cent of the revenues planned for the year. Compared to January-April 2016, tax proceeds rose by 797.5 million leva (8.7 per cent) in nominal terms. Within this category, the most considerable growth was reported for indirect taxes and social security and health insurance contributions.

Direct tax revenues between January and April 2017 amounted to 2,030.1 million leva, which was 39.9 per cent of the annual target. This implies an increase by 139.9 million leva (7.4 per cent) compared to the first four months of 2016.

Indirect tax revenues amounted to 4,831.3 million leva, accounting for 34.5 per cent of the annual target. Compared to a year earlier, revenues in this category went up by 316.7 million leva (7.0 per cent). VAT proceeds totalled 3,291.5 million leva, or 37.5 per cent of the amount planned for the whole year. Compared to the first four months of last year, VAT revenues rose by 284.2 million leva (9.4 per cent). The amount of non-refunded VAT as of end-April 2017 was 84.0 million leva. Excise duty revenues also increased. Between January and April 2017, they amounted to 1,463.4 million leva, or 29.0 per cent of the annual target. Compared to January-April 2016, they grew by 23.4 million leva (1.6 per cent). Customs duty proceeds amounted to 63.8 million leva, or 38.4 per cent of the annual projection.

Proceeds from other taxes, including property taxes and other taxes under the Corporate Income Tax Law, amounted to 494.2 million leva, or 49.9 per cent of the annual projection.

Revenues from social security contributions and health insurance contributions between January and April 2017 totalled 2,631.1 million leva, accounting for 33.2 per cent of the annual target. Compared to January-April 2016, revenues from social security and health insurance contributions rose by 313.2 million leva, or 13.5 per cent, in nominal terms.

Non-tax revenues amounted to 1,586.6 million leva, or 33.3 per cent of the amount planned for the whole year.

Revenues from grants were 443.3 million leva, or 16.8 per cent of those planned for the year.

CFP expenditures between January and April 2017, including Bulgaria's contribution to the EU budget, amounted to 10,426.1 million leva, making up 28.4 per cent of the annual target. This compares to 9,818.7 million leva registered between January and April 2016.

Non-interest expenditures amounted to 9,739.0 million leva, accounting for 28.2 per cent of the annual target. Non-interest current expenditures were 9,280.2 million leva (32.8 per cent of the annual projection), and capital expenditures (including net increment of state reserve) amounted to 458.8 million leva (7.4 per cent of the annual projection).

Interest payments amounted to 401.5 million leva, or 48.6 per cent of those planned for the whole of 2017.

The part of Bulgaria's contribution to the EU budget paid from the country's central budget between January and April 2017 amounted to 285.6 million leva.

The fiscal reserve as of April 30, 2017 was 13.2 billion leva. This included 12.3 billion leva in fiscal reserve deposits at the Bulgarian National Bank and other banks, and 900 million leva in receivables from EU funds for certified expenditures, advance payments, etc, the Finance Ministry said.

In a separate report, the Finance Ministry gave early CFP estimates for May 2017. It said that the CFP balance on a cash basis is expected to be positive as of May 2017, amounting to 1,653.1 million leva (1.7 per cent of the forecast GDP).

Between January and May 2017, CFP revenues and grants are expected to be 14,693.3 million leva (41.5 per cent of the annual target). Compared to January-May 2016, tax and non-tax revenues have grown by 861.2 million leva (6.5 per cent), while proceeds from grants have gone down. Grants are estimated at 20.1 per cent of the annual projection for 2017.

CFP expenditures between January and May 2017, including Bulgaria's contribution to the EU budget, are estimated at 13,040.2 million leva, or 35.5 per cent of the annual target. This compares to 12,078.5 million leva in expenditures registered between January and May 2016.

The part of Bulgaria's contribution to the EU budget paid from the country's central budget between January and May 2017 amounted to 363.7 million leva, the early estimates show. PK/VE

/СН/