site.btaLv 832 Mln Budget Surplus Reported for February 2017

Lv 832 Mln Budget Surplus Reported for February 2017

Sofia, April 1 (BTA) - Based on the monthly reports of first-level spending units, the Consolidated Fiscal Programme (CFP) on a cash basis as at end-February showed a surplus of 831.8 million leva (0.9 per cent of the projected GDP), the Finance Ministry said.

This surplus results from a surplus under the national budget of 698.5 million leva and a surplus under EU funds of 133.3 million leva.

Revenues and grants under the CFP added up to 5,731.9 million leva (16.2 per cent of the annual estimate) for February 2017, up by 212.5 million leva (3.9 per cent) from February 2016. The growth is mainly attributed to higher tax and non-tax revenue which increased by 438 million leva (8.7 per cent) while grants were lower.

Tax revenues, including social and health insurance contribution, totalled 4,721.2 million leva, or 16.8 per cent of the annual estimate. Compared with February 2016, tax revenues increased by 487.5 million leva, or 11.5 per cent, mainly attributed to revenue from indirect taxes.

Revenue from direct taxes totalled 551.3 million leva, or 10.8 per cent of the annual estimate. Compared to February 2016, direct taxes revenue increased by 63.8 million leva or 13.1 per cent.

Revenue from indirect taxes totalled 2,785.7 million leva, or 19.9 per cent of the annual estimate. Compared to February 2016, indirect taxes revenue increased by 269.1 million leva or 10.7 per cent.

VAT revenue stood at 1,869.1 million leva, or 21.3 per cent of the annual estimate. Compared to February 2016, VAT revenue increased by 171.8 million leva. Excise duty revenue totalled 880.1 million leva, or 17.5 per cent of the annual estimate. Compared to February 2016, excise duty revenue increased by 93 million leva or 11.8 per cent. Customs duty revenue totalled 28.4 million leva, or 17.1 per cent of the annual estimate.

Revenue from grants amounted to 284.8 million leva, or 10.8 per cent of the annual estimate.

The expenditures under the CFP, including Bulgaria's contribution to the EU budget, amounted to 4,900.1 million leva, which is 13.3 per cent of the annual estimate. By comparison, the expenditures in February 2016 totalled 4,604.1 million leva. The increase in expenditures mainly due to the larger amount of social and health insurance contributions paid for employees insured for the account of the Exchequer and the pension increase as from July 2016, and spending for subsidies.

The portion of Bulgaria's contribution to the EU budget, paid by the central-government budget by February 28, 2017, was 154.3 million leva.

The fiscal reserve as at end-February was 13.6 billion leva, including 11.9 billion leva in deposits with the Bulgarian National Bank and banks, and 1.7 billion leva in receivables from the EU Funds for certified expenditure and advance payments, among others.