site.btaConsolidated Fiscal Programme Performance as of August 2018

106 ECONOMY-CFP-DATA

Consolidated Fiscal Programme
Performance as of
August 2018


Sofia, September 30 (BTA) - Based on the monthly reports from first-level spending units, the Consolidated Fiscal Programme (CFP) balance on a cash basis as of August 2018 was positive, amounting to 2,388.1 million leva, or 2.3 per cent of the projected GDP, the Finance Ministry said. The balance was formed by a national budget surplus of 2,535.2 million leva and by a EU funds deficit of 147.1 million leva, the press release said.

The CFP revenues and grants in August 2018 stood at 25,975.8 million leva, or 68 per cent of the annual estimates. Compared with the same period of the previous year, tax and non-tax revenues grew by 2,397.7 million leva (10.8 per cent), and grant proceeds by 293.3 million leva (29.5 per cent).

Tax proceeds, including revenues from social security contributions, totalled 21,344.1 million leva, which accounts for 68.5 per cent of the tax revenues planned for the year. Compared with the data for August 2017, tax proceeds grew in nominal terms by 10 per cent, or by 1,941.6 million leva.

Direct tax revenues amounted to 3,978.3 million leva, or 69.1 per cent of the estimates planned for the year, up by 422.9 million leva (11.9 per cent) compared with the same period of the previous year.

Indirect tax revenues amounted to 10,348.2 million leva, which accounts for 68.3 per cent of the annual estimates. Compared with the data as of August 2017, proceeds in this group increased by 706.2 million leva, or by 7.3 per cent. VAT proceeds amounted to 6,777.1 million leva, or 69.3 per cent of those planned. The amount of non-refunded VAT as of August 31 was 67 million leva. The excise duty revenues amounted to 3,386.2 million leva, or 65.8 per cent of the annual estimates. Customs duty proceeds amounted to 157.4 million leva, or 82.8 per cent of the estimates for the year.

Proceeds from other taxes, including property taxes and other taxes under the Corporate Income Tax Law, amounted to 833.7 million leva, or 75.9 per cent of the annual estimates.

Revenues from social security and health insurance contributions were 6,184 million leva, which accounts for 67.7per cent of the estimates for the year. Compared with the same period of the previous year, the revenues from social security contributions increased by 744.6 million leva, or by 13.7 per cent in nominal terms.

Non-tax revenues amounted to 3,343.6 million leva, or 71.1 per cent of the annual estimates.

Grant proceeds amounted to 1,288.1 million leva.

CFP expenditures, including Bulgaria's contribution to the EU budget for July 2018, amounted to 23,587.7 million leva, which accounts for 60 per cent of the annual estimates. By comparison, the expenditures for the same period of the previous year amounted to 21,133.4 million leva.

Non-interest expenditures amounted to 22,261.6 million leva, which accounts for 59.7 per cent of the annual estimates. Non-interest current expenditures as of August 2018 amounted to 20,328.1 million leva, or 65.4 per cent of the estimates for the year, capital expenditures (including net increment of state reserve) amount to 1,895.8 million leva..

Bulgaria's contribution to the EU budget, as of August 31, 2018, amounted to 738.2 million leva.

The fiscal reserve as of August 31, 2018 amounted to 10.9 billion leva, including 10.6 billion leva of fiscal reserve deposits in the central bank and in banks, and 0.3 billion leva of receivables under the EU Funds for certified expenditure, advance payments, etc.