site.btaConsolidated Fiscal Programme Surplus Estimated at BGN 1,160 Mln by June 30

Consolidated Fiscal Programme Surplus Estimated at BGN 1,160 Mln by June 30
Consolidated Fiscal Programme Surplus Estimated at BGN 1,160 Mln by June 30
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According to preliminary data and estimates, the Consolidated Fiscal Programme (CFP) is expected to show a surplus of BGN 1,160 million as of end-June 2022, 0.8% of the projected GDP, the Finance Ministry said. On a monthly basis, an excess of revenues over expenditures of BGN 555 million is expected in June.

The improvement in the budget stance in June 2022 is mostly due to higher proceeds related to the June 30 deadline for submission of the annual tax returns for 2021 under the Corporate Income Tax and the payment of the corporate tax, the tax on the income of state-financed enterprises and the tax on shipping activities. The proceeds from indirect taxes and grants (mostly EU grants) also push up revenues.

Key CFP parameters based on preliminary data and estimates:

As of June 2022, CFP revenues, grants and donations are expected to be BGN 28,223 million (49.3% of the annual estimates), increasing by BGN 3,462 million (14.0%) from a year earlier.

CFP tax and non-tax revenues grow by BGN 3,301 million in nominal terms compared to June 2021, while revenues from grants and donations (mostly EU programme and fund grants) grew by BGN 161 million.

As of June 2022, CFP expenditures, including Bulgaria's contribution to the EU budget, amounted to BGN 27,063 million (42.9% of the annual estimates). By comparison, CFP expenditures in the first half of 2021 totalled BGN 24,645.0 million.

The portion of Bulgaria's contribution to the EU budget, as paid from the central government budget as of June 30, 2022, amounted to BGN 813 million, which complies with the existing legislation in the area of EU own resources.

/DD/

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By 03:52 on 12.08.2022 Today`s news

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