site.btaCFP Budget Balance on Cash Basis Negative at BGN 841 Mln as of End-September

Based on the monthly data on cash execution of first-level spending units’ budgets, the Consolidated Fiscal Programme (CFP) budget balance on a cash basis as of June 30, 2023 is negative at BGN 841 million, or 0.5% of the projected GDP, the Finance Ministry reported here on Tuesday.

CFP revenues, grants and donations amount to BGN 636.7 billion as of September 2023, increasing by BGN 2.64 billion, year-on-year.

Tax proceeds, including revenues from social security contributions, amount to BGN 37.374 billion. Tax and social security contribution proceeds grow by BGN 3.378 billion (9.9%) compared to those reported for the same period of the previous year, forming 78.5% of the overall CFP proceeds for the period.

Direct tax revenues amount to BGN 7.4 billion. Indirect tax revenues amount to BGN 16.452 billion. Proceeds from other taxes, including other taxes under the Corporate Income Tax Law, property and other taxes, amount to BGN 2.136 billion (including BGN 802.8 million earmarked contributions to the Electricity System Security Fund). Revenues from social security and health insurance contributions amount to over BGN 11.383 billion.

Non-tax revenues amount to BGN 8.568 billion. Grant and donation proceeds amount to BGN 1.695 billion.

CFP expenditures, including the contribution of the Republic of Bulgaria to the EU budget, amount to BGN 48.478 billion as of end-September 2023.

Non-interest expenditures amount to over BGN 46.492 billion. Non-interest current expenditures amount to BGN 42.798 billion. Capital expenditures (including net increment of state reserve) amount to BGN 3.647 billion.

As of September 30, 2023, the fiscal reserve stands at BGN 11.35 billion, including BGN 10.88 billion of fiscal reserve deposits in the BNB and in banks and BGN 0.47 billion of receivables under the EU Funds for certified expenditures, advance payments, etc.