site.btaCabinet Approves Report on Cash Execution of Consolidated Fiscal Programme for H1 of 2024

The Cabinet approved the report on the cash execution of the consolidated fiscal programme (CFP) for the first half of 2024, the Government Information Service said here on Wednesday.

Based on data from the quarterly reports on the cash execution of the budgets of primary budget holders, the budget balance under CFP for the first half of 2024 is negative, amounting to BGN 595.9 million (0.3% of the projected GDP). This deficit is formed by a national budget deficit of BGN 1,367.6 million and a surplus of revenues over expenditures from EU funds amounting to BGN 771.7 million.

Revenues, grants, and donations under CFP as of June 30, 2024, amount to BGN 34,495.4 million, or 45.8% of the annual estimates. Revenues increased by BGN 3,090.4 million (9.8%) compared to June 2023. Compared to the same period in 2023, tax revenues increased nominally by BGN 2,623.9 million (10.7%), non-tax revenues decreased by BGN 329.7 million (5.9%), and revenues from grants and donations (mainly EU programme and fund grants) increased by BGN 796.3 million.

The total amount of tax revenues under CFP, including social security contributions, is BGN 27,204.5 million, representing 46.9% of the planned amount for the year. Revenues from direct taxes amount to BGN 5,418.9 million, or 42.1% of the annual estimates. Revenues from indirect taxes amount to BGN 11,810.8 million (46.3% of the annual estimates), with VAT revenues amounting to BGN 8,428.1 million (45.2% of the planned amount), excise revenues amounting to BGN 3,210.9 million (49.8% of the estimate), and customs duties amounting to BGN 140.2 million (37.9% of the annual estimates). Revenues from other taxes (including property and other taxes under the Corporate Income Tax Act) amount to BGN 1,276.5 million, representing 68.9% of the 2024 estimate. Revenues from social and health insurance contributions amount to BGN 8,698.2 million, representing 49.1% of the annual estimates.

Non-tax revenues amount to BGN 5,291.3 million, representing 51.6% of the annual estimates. These revenues are mainly formed from state, municipal, and judicial fees, property income, concession revenues, revenues from the sale of greenhouse gas emission allowances, and others.

Revenues from grants and donations amount to BGN 1,999.6 million.

Expenditures under CFP (including Bulgaria's contribution to the EU budget) as of June 2024 amount to BGN 35,091.3 million, which is 43.1% of the annual estimates.

As of June 30, 2024, Bulgaria's contribution to the EU budget paid from the central budget totals BGN 713.5 million, as per the legislation on the EU's own resources.

The fiscal reserve as of June 30, 2024, amounts to BGN 11,303.1 million, including BGN 9,143.3 million in fiscal reserve deposits at the Bulgarian National Bank and other banks, and BGN 2,159.8 million in receivables from EU funds for certified expenditures, advances, and others.