site.btaEnd-October CFP Deficit at Nearly Lv 1.8 Billion

End-October CFP Deficit at Nearly Lv 1.8 Billion


Sofia, November 29 (BTA) - The monthly reports of first-level
spending units show that the consolidated fiscal programme (CFP)
 was in a deficit of 1,760.1 million leva as of end-October, the
 Finance Ministry said. 

The revenues and grants under the CFP for the reference period
stood at 24,020.7 million leva, 80.1 per cent of the annual
projection. Budget revenue implementation at the end of October
was in line with the updated annual projections.

By comparison, revenues increased by 269.4 million leva, or 1.1
per cent in nominal terms. Total tax revenues, including social
security contributions, stood at 19,154.7 million leva as at
end-October, 82.2 per cent of the updated annual projection.
Compared to a year earlier, tax revenues increased 3.7 per cent
 in nominal terms (684.1 million leva).

Direct tax revenues stood at 3,436.8 million leva, 80.3 per cent
 of the annual projection, up 286.7 million leva (9.1 per cent)
on a year earlier. Corporation tax revenues rose 4.9 per cent
(58.1 million leva). The proceeds from income taxes on natural
persons went up by 228.6 million leva, up 11.6 per cent on
January-October 2013.

Indirect tax revenues added up to 9,737.3 million leva, 81.6 per
 cent of the updated annual target.

VAT revenues amounted to 6,219 million leva, 80.8 per cent of
the annual projection.
Non-tax revenues amounted to 2,985.6 million leva, 86.9 per cent
 of the updated annual projection.

Domestic and foreign grants (including grants from the EU funds)
 stood at 1,880.4 million leva, 58.1 per cent of the annual
target.

Expenditures incurred under the CFP between January and October
2014 (including Bulgaria's contribution to the EU budget)
amounted to 25,780.8 million leva, 78.2 per cent of the updated
annual projection.

The portion of Bulgaria's contribution to the EU budget, paid by
 October 31 from the central-government budget, amounted to 743
million leva.

The CFP budget on a cash basis was in a deficit of 1,760.1
million leva as at October 2014, resulting from a national
budget deficit of 693.8 million leva and an EU funds deficit of
1,066.3 million leva.

Bulgaria's fiscal reserve amounted to 8,700 million leva as at
October 31, 2014. This includes 7,600 million leva deposited
with the Bulgarian National Bank (the central bank) and other
banks, and 1,100 million leva in receivables from EU funds for
certified expenditures, advance payments, etc.