site.btaConsolidated Fiscal Programme Shows Lv 880.5 Mln Surplus by August 2021
NW 10:43:31 01-10-2021
LG1042NW.105
105 ECONOMY - BUDGET - AUGUST
Consolidated Fiscal Programme Shows
Lv 880.5 Mln Surplus
by August 2021
Sofia, October 1 (BTA) - Bulgaria's Consolidated Fiscal Programme (CFP) balance was in a 880.5 million leva surplus on a cash basis by August 2021, or 0.7 per cent of projected GDP, the Finance Ministry said in a press release on Thursday.
The surplus resulted from a 1,125.1 million leva excess of national budget revenues over expenditures and a 244.6 million leva deficit on EU funds.
CFP revenues, grants and donations amounted to 33,483.8 million leva by August 2021, or 66.2 per cent of the updated annual estimates and up by 4.7 billion leva (16.2 per cent) from the comparable period of 2020. The year-on-year growth was due to a 4.9 billion leva increase in tax and non-tax revenues, whereas the proceeds from grants decreased by 200 million leva.
Tax revenues under the CFP, including revenues from social security contributions, totalled 26,235.5 million leva, which accounted for 66.5 per cent of the tax revenues planned for the year. Tax and social security contribution revenues grew by 3.2 billion leva (14 per cent) compared to those reported for the same period of 2020, accounting for 78.4 per cent of the total CFP revenues for the period.
Direct tax revenues amounted to 4,992.3 million leva, or 64.9 per cent of the annual target. Indirect tax revenues amounted to 12,317.3 million leva (67.6 per cent of the annual estimates), with VAT revenues at 8,407 million leva (68.5 per cent of those planned), excise duty revenues at 3,696.7 million leva (65.5 per cent of the estimates), and customs duty revenues at 178.2 million leva (73.9 per cent as against the annual estimates).
Revenues from other taxes, including property taxes and other taxes, amounted to 1,008 million leva, or 81.0 per cent of the annual estimates. Revenues from social insurance and health insurance contributions reached 7,917.8 million leva, or 64.5 per cent of the target for the full year.
Non-tax revenues added up to 5,444.1 million leva, accounting for 80.6 per cent of the annual estimates, mostly consisting of central and local government fees, court fees, revenues from concessions, revenues from greenhouse gas emission allowances, etc. Revenues from grants and donations amounted to 1,804.2 million leva.
CFP expenditures (including Bulgaria's contribution to the EU budget) reached 32,603.3 million leva for August 2021, or 59.1 per cent of the updated annual target.
At 972.4 million leva, the portion of Bulgaria's contribution to the EU budget paid by the central government budget by August 31, 2021 complied with the current legislation on the EU's own resources.
The fiscal reserve stood at 9.45 billion leva by August 31.
Based on preliminary data and estimates, the Finance Ministry expects the CFP to show an approximately 1,071 million leva budget surplus by the end of September 2021, or 0.8 per cent of projected GDP. RY/LG
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LG1042NW.105
105 ECONOMY - BUDGET - AUGUST
Consolidated Fiscal Programme Shows
Lv 880.5 Mln Surplus
by August 2021
Sofia, October 1 (BTA) - Bulgaria's Consolidated Fiscal Programme (CFP) balance was in a 880.5 million leva surplus on a cash basis by August 2021, or 0.7 per cent of projected GDP, the Finance Ministry said in a press release on Thursday.
The surplus resulted from a 1,125.1 million leva excess of national budget revenues over expenditures and a 244.6 million leva deficit on EU funds.
CFP revenues, grants and donations amounted to 33,483.8 million leva by August 2021, or 66.2 per cent of the updated annual estimates and up by 4.7 billion leva (16.2 per cent) from the comparable period of 2020. The year-on-year growth was due to a 4.9 billion leva increase in tax and non-tax revenues, whereas the proceeds from grants decreased by 200 million leva.
Tax revenues under the CFP, including revenues from social security contributions, totalled 26,235.5 million leva, which accounted for 66.5 per cent of the tax revenues planned for the year. Tax and social security contribution revenues grew by 3.2 billion leva (14 per cent) compared to those reported for the same period of 2020, accounting for 78.4 per cent of the total CFP revenues for the period.
Direct tax revenues amounted to 4,992.3 million leva, or 64.9 per cent of the annual target. Indirect tax revenues amounted to 12,317.3 million leva (67.6 per cent of the annual estimates), with VAT revenues at 8,407 million leva (68.5 per cent of those planned), excise duty revenues at 3,696.7 million leva (65.5 per cent of the estimates), and customs duty revenues at 178.2 million leva (73.9 per cent as against the annual estimates).
Revenues from other taxes, including property taxes and other taxes, amounted to 1,008 million leva, or 81.0 per cent of the annual estimates. Revenues from social insurance and health insurance contributions reached 7,917.8 million leva, or 64.5 per cent of the target for the full year.
Non-tax revenues added up to 5,444.1 million leva, accounting for 80.6 per cent of the annual estimates, mostly consisting of central and local government fees, court fees, revenues from concessions, revenues from greenhouse gas emission allowances, etc. Revenues from grants and donations amounted to 1,804.2 million leva.
CFP expenditures (including Bulgaria's contribution to the EU budget) reached 32,603.3 million leva for August 2021, or 59.1 per cent of the updated annual target.
At 972.4 million leva, the portion of Bulgaria's contribution to the EU budget paid by the central government budget by August 31, 2021 complied with the current legislation on the EU's own resources.
The fiscal reserve stood at 9.45 billion leva by August 31.
Based on preliminary data and estimates, the Finance Ministry expects the CFP to show an approximately 1,071 million leva budget surplus by the end of September 2021, or 0.8 per cent of projected GDP. RY/LG
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