site.bta Consolidated Fiscal Programme Shows Lv 889.5 Surplus in First Half of 2015, Finance Ministry Reports

Consolidated Fiscal Programme Shows Lv 889.5 Surplus in First Half of 2015, Finance Ministry Reports

Sofia, September 9 (BTA) - Bulgaria's Cabinet adopted a report
on the cash implementation of the Consolidated Fiscal Programme
(CFP) for the first half of 2015, the Government Information
System said on Wednesday.

According to the quarterly reports of the budget authorizers by
delegation, the CFP for the first half of 2015 showed a surplus
of 889.5 million leva (1.1 per cent of projected GDP). It was
formed by a 423.9 million leva excess of national budget
revenues over expenditures and a EU funding surplus of 447.4
million leva. By comparison, the CFP by the end of June 2014 was
 in a 996.4 million leva deficit (1.2 per cent of GDP), i.e. the
 country's position improved by a nominal 1,885.9 million leva
(2.3 per cent of GDP) due to a growth of national budget
revenues and of EU grant aid.

By the end of June, tax revenues (including social and health
insurance contributions) totalled 12,286.1 million leva, or 51.2
 per cent of the annual estimates. At 2,364.6 million leva,
direct tax revenues represented 53.8 per cent of the annual
target and marked a 5.1 per cent increase, year on year.
Indirect taxes brought in 6,040.1 million leva, or 49.9 per cent
 of the 2015 estimates. VAT revenues alone added up to 3,946.3
million leva or 51 per cent of the level planned for the full
year, growing by 459.8 million leva from the like period a year
ago. Input tax payable to companies by June 30 amounted to 113.3
 million leva. Excise duty revenues totalled 2,006.7 million
leva (48 per cent of the annual estimates), up by 171.9 million
leva or 9.4 per cent from June 2014. Customs duty receipts were
75.4 million leva or 52.1 per cent of the annual target, showing
 a 7.6 per cent rise from the first half of 2014. Other taxes
(including property taxes and other taxes under the Corporate
Income Tax Act) generated revenues amounting to 529.6 million
leva, or 61.1 per cent of the annual plan. Social and health
insurance contributions totalled 3,351.9 million leva,
representing 50.4 per cent of the annual estimates. Compared to
the same period a year earlier, revenues from contributions
increased in nominal terms by 10.4 per cent (314.6 million
leva). At 2,018.9 million leva, non-tax revenues were collected
at 60.4 per cent of the annual figure.

By June 30, the fiscal reserve amounted to 11,000 million leva,
of which 10,800 million leva were held at the Bulgarian National
 Bank and commercial banks and 299 million leva were amounts due
 from the EU funds for certified expenditures, advance payments
and other such.