site.btaConsolidated Fiscal Programme Shows BGN 3,694 Mln Cash Basis Deficit as of End-November

As of November 2024, based on data from the monthly reports on the cash performance of the budgets of first-level spending units, the balance of the Consolidated Fiscal Programme (CFP) on a cash basis is negative, amounting to BGN 3,694 million (1.8% of the forecast GDP), the Finance Ministry said.

On a monthly basis, an improvement in the budget balance is reported, with revenues for November exceeding expenses by nearly BGN 300 million. This is mainly attributed to higher receipts from corporate taxes.

The CFP revenues, grants and donations as of November 2024 amount to BGN 65,230 million, or 86.6% of the annual estimates. Proceeds have increased by BGN 5,112 million (8.5%) compared to those reported as of November 2023. Compared to the same period of the previous year, tax revenues rise by more than BGN 5,600 million in nominal terms, or 11.8%, non-tax revenues decrease by some BGN 1,300 million, or 12.6%, and proceeds from grants and donations (mainly grants under EU Programmes and Funds) increase by BGN 781 million.

Tax proceeds (including revenues from social security and health insurance contributions) amount to approximately BGN 53,400 million, or 92.1% of those planned for the year, forming 81.9% of the overall CFP proceeds for the period. Revenues from direct taxes amount to BGN 11,673 million, or 90.7% of the estimates for 2024, increasing by BGN 1,161 million, or 11% compared to those reported as of November 2023.

Revenues from indirect taxes amount to BGN 23,240 million, or 91.1% of the 2024 State Budget Act estimates, increasing by BGN 2,616 million, or 12.7% compared to those reported as of November 2023.

Proceeds from other taxes (including other taxes under the Corporate Income Tax Act, property taxes, etc.) amount to BGN 2,140 million (including BGN 502.2 million under the budget of the Electricity System Security Fund, this amount being BGN 892.2 million as of November 2023), or 115.6% compared to the annual estimates, decreasing by BGN 434.5 million as compared to the amount reported as of November 2023.

Proceeds from social security and health insurance contributions amount to BGN 16,339 million, or 92.2% of the estimates for 2024, increasing by BGN 2,274 million, (16.2%) compared to the same period of 2023.

Non-tax revenues amount to BGN 8,917 million, or 86.9% of the annual estimates.

Proceeds from grants and donations amount to more than BGN 2,921 million.

The expenditures under the CFP, including the contribution of the Republic of Bulgaria to the EU budget, exceeds BGN 68,924 million as of November 2024, which is 84.6% of the annual estimates.

The part of Republic of Bulgaria's contribution to the EU budget, paid from the central budget as of November 30, 2024, amounts to more than BGN 1,400 million.

As of November 30, 2024, fiscal reserve stands at BGN 14,832 million, including over BGN 12,800 million fiscal reserve deposits in the Bulgarian National Bank and banks, and some BGN 2,000 million receivables under the EU Funds for certified expenditure, advance payments, etc.