site.btaConsolidated Fiscal Programme Performance as of July 2018

106 ECONOMY - BUDGET SURPLUS - JULY

Consolidated Fiscal Programme
Performance as of
July 2018


Sofia, September 1 (BTA) - The Finance Ministry released late Friday data on the performance of the Consolidated Fiscal Programme (CFP) as of July, 2018.

Based on the monthly reports from first-level spending units, the Consolidated Fiscal Programme (CFP) balance on a cash basis as of July 2018 is positive, amounting to 2,015.0 million leva, or 1.9 per cent of the projected GDP. The balance is formed by a national budget surplus of 2,360.4 million leva and by a EU funds deficit of 345.5 million leva, the press release said.

The CFP revenues and grants in July 2018 stand at 22,547.5 million leva, or 59.0 per cent of the annual estimates. Compared to the same period of the previous year, tax and non-tax revenues have risen by 2,075.8 million leva (10.6 per cent), with grant proceeds being of a similar amount.

Tax proceeds, including revenues from social security contributions, total 18,754.5 million leva, which accounts for 60.2 per cent of the tax revenues planned for the year. Compared to the data for July 2017, tax proceeds have risen in nominal terms by 10.3 per cent, or by 1,751.6 million leva.

Direct tax revenues amount to 3,619.3 million leva, or 62.9 per cent of the estimates planned for the year, growing by 393.6 million leva (12.2 per cent) compared to the same period of the previous year.

Indirect tax revenues amount to 8,978.6 million leva, which accounts for 59.2 per cent of the annual estimates. Compared to the data as of July 2017, proceeds in this group have grown by 639.9 million leva, or by 7.7 per cent. VAT proceeds amount to 5,949.5 million leva, or 60.8 per cent of those planned. The amount of non-refunded VAT as of July 31, 2018 is 66.0 million leva. The excise duty revenues amount to 2,868.4 million leva, or 55.7 per cent of the annual estimates. Customs duty proceeds amount to 137.4 million leva, or 72.3 per cent of the estimates for the year.

Proceeds from other taxes, including property taxes and other taxes under the Corporate Income Tax Law, amount to 763.7 million leva, or 69.6 per cent of the annual estimates.

Revenues from social security and health insurance contributions are 5,392.8 million leva, which accounts for 59.1 per cent of the estimates for the year. Compared to the same period of the previous year, the revenues from social security contributions have risen by 656.8 million leva, or by 13.9 per cent in nominal terms.

Non-tax revenues amount to 2,920.4 million leva, or 62.1 per cent of the annual estimates.

Grant proceeds amount to 872.7 million leva.

CFP expenditures, including the contribution of the Republic of Bulgaria to the EU budget for July 2018, amount to 20,532.5 million leva, which accounts for 52.2 per cent of the annual estimates. For comparison, the expenditures for the same period of the previous year amount to 18,505.9 million leva.

Non-interest expenditures amount to 19,388.3 million leva, which accounts for 52.0 per cent of the annual estimates. Non-interest current expenditures as of July 2018 amount to 17,742.2 million leva, or 57.0 per cent of the estimates for the year, capital expenditures (including net increment of state reserve) amount to 1,615.8 million leva, or 26.3 per cent of the estimates to the 2018 State Budget of the Republic of Bulgaria. The current and capital transfers to other countries amount to 30.3 million leva. Interest payments amount to 489.9 million leva, or 67.8 per cent of those planned for 2018.

The part of BulgariaТs contribution to the EU budget, as paid from the central budget as of July 31, 2018, amounts to 654.4 million leva.

The fiscal reserve as of July 31, 2018 amounts to 10.8 billion leva, including 10.0 billion leva of fiscal reserve deposits in the central bank and in banks, and 0.8 billion leva of receivables under the EU Funds for certified expenditure, advance payments, etc.