site.btaCouncil of Ministers Approves Report on Implementation of State Budget for First Half of 2022

Council of Ministers Approves Report on Implementation of State Budget for First Half of 2022
Council of Ministers Approves Report on Implementation of State Budget for First Half of 2022
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The government approved here on Thursday a report on the implementation of the state budget for the first half of 2022, including the central budget, and the main indicators of the consolidated fiscal program (CFP), for the first half of 2022, the government's information service said.

Based on the data from the monthly reports on the implementation of the budgets of the primary budget managers, the budget balance under the CFP on a cash basis as of June 2022 is positive in the amount of BGN 1,179.6 million (0.8% of the estimated GDP) and is formed by an excess of revenues over expenditures under the national budget in the amount of BGN 832.6 million and European funds in the amount of BGN 347.0 million. 

On a monthly basis for June, the excess of revenues over expenses amounted to BGN 574.5 million. The improvement of the budget position for the month is mainly due to the higher receipts in connection with the deadline (June 30) for submitting the annual tax return for 2021 under the Corporate Income Tax Act, respectively for the payment of corporate tax, tax on expenses, tax on the income of budget enterprises and tax on the activity of operating ships. Income from indirect taxes, aid (mainly grants under EU programs and funds) and others have a positive impact on revenue growth.

Revenues, benefits and donations under the CFP as of June 2022 amounted to BGN 28,247.5 million or 47.3% of the updated annual estimates. Receipts increased by BGN 3,486.4 million (14.1%) compared to those reported as of June 2021. Tax and non-tax revenues under the CFP increased nominally by BGN 3,319.7 million, and receipts in the part of aid and donations (mainly grants under EU programs and funds) were BGN 166.7 million more than reported for the same period of the previous year.

The total amount of tax receipts under the CFP, including the income from social security contributions amounts to BGN 22,238.7 million, which represents 48.2% of the tax income planned for the year. Revenues from taxes and social security contributions increased by BGN 2,992.3 million (15.5%) compared to those reported for the same period of the previous year, forming 78.7% of the total revenue under the CFP for the period.

The revenues from direct taxes amounted to BGN 4,311.2 million or 47.6% of the estimates for the year. Revenues from indirect taxes were in the amount of BGN 10,549.9 million (47.4% of the estimates for the year), while VAT revenues were in the amount of BGN 7,548.2 million (47.1% of yearly estimates), from excise taxes amounted to BGN 2,758.0 million (47.4% of estimates), and those from customs duties amounted to BGN 218.5 million (57.5% compared to annual estimates). Revenues from other taxes (including property and other taxes under the Civil Code) amounted to BGN 914.1 million, or 65.2% of annual budgets. The income from social and health insurance contributions was BGN 6,463.6 million, which represents 48.3% of the calculated for the year.

Non-tax revenues were in the amount of BGN 4,591.7 million and are mainly formed by revenues from state, municipal and court fees, revenues and income from property, revenues from concessions, revenues from the sale of quotas for greenhouse gas emissions and others . Income from aid and donations was in the amount of BGN 1,417.1 million.

Expenditures under the CFP (including the contribution of the Republic of Bulgaria to the EU budget) as of June 2022 amounted to BGN 27,067.8 million, which is 41.1% of the annual estimates. For comparison, the CFP expenses as of June 2021 amounted to BGN 24,645.0 million.

Non-interest expenses amounted to BGN 25,866.4 million, which represents 41.0% of the annual estimate. Current non-interest expenses amount to BGN 24,354.7 million. Capital expenditures (including the net increase of the state reserve) amounted to BGN 1,498.7 million. Current and capital transfers abroad amount to BGN 13.1 million. Interest payments amounted to BGN 388.7 million (58.5% of those planned for 2022).

The part of the contribution of the Republic of Bulgaria to the EU budget, paid as of June 30, 2022 from the central budget, amounted to BGN 812.8 million, which is in compliance with the currently effective legislation in the field of the EU's own resources.

The size of the fiscal reserve as of 30.06.2022 was BGN 9.5 billion, including BGN 9.1 billion deposits of the fiscal reserve in the Bulgarian National Bank and banks and BGN 0.4 billion receivables from the funds of the European Union for certified expenses, advances and others.

/RY/

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By 12:31 on 03.10.2022 Today`s news

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