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BUDGET PROCEEDS FOR THE FIRST SEVEN MONTHS OF THE YEAR SHOW A GROWTH BY BGN 605 MILLION AS COMPARED TO THE SAME PERIOD OF 2010

BUDGET PROCEEDS FOR THE FIRST SEVEN MONTHS OF THE YEAR SHOW A GROWTH BY BGN 605 MILLION AS COMPARED TO THE SAME PERIOD OF 2010
Снимка: BUDGET PROCEEDS FOR THE FIRST SEVEN MONTHS OF THE YEAR SHOW A GROWTH BY BGN 605 MILLION AS COMPARED TO THE SAME PERIOD OF 2010

02.09.2011

The budget balance under the Consolidated Fiscal Programme (CFP) as of end-July 2011 is negative, amounting to BGN 720,5 million, or 1,0 % of projected GDP, and is formed by a deficit under the national budget of 450,6 million and a deficit under EU funds of BGN 270,0 million. The deficit for the same period of 2010 amounts to BGN 1 230,9 million or 1,7 % of GDP.

At end-July CFP revenues and grants stand at BGN 14 118,8 million or 53,9 % of the annual estimates. Compared to the same period of 2010, CFP proceeds for the first seven months show a growth by BGN 604,9 million or 4,5%. This is mostly due to higher indirect tax revenue, having increased by BGN 664,8 million (13,5 %). Revenues from direct taxes and from other taxes under the Corporate Income Tax Law also report some growth compared to the data reported in the same period of 2010.

Tax proceeds, including revenues from social security contributions, total BGN 11 519,7 million as of end-July, which is 81,6 % of total CFP proceeds. Revenues from direct taxes are BGN 2 305,2 million, or 60,7 % of those planned for the year. Indirect taxes amount to BGN 5 590,5 million, or 53,8 % of CFP for the year. VAT revenues amount to BGN 3 455,1 million, or 53,3 % of those planned in the 2011 State Budget Law. Excise duty revenues as of end-July amount to BGN 2 056,5 million, with performance compared to the estimates being 54,1 %. Customs duty revenues amount to BGN 68,1 million, or 68,1 % of those planned for the year. Proceeds from other taxes, including property taxes and other taxes under the Corporate Income Tax Law, amount to BGN 495,2 million, or 64,5 % performance of the annual estimates. Revenues from social security and health insurance contributions as of 31 July are BGN 3 128.8 million, or 54,5 % of those planned for the year.

Non-tax revenues and grants amount to BGN 2 599,1 million, or 47,2 % of those planned for the year.

The expenditures under the consolidated budget, including the contribution of the Republic of Bulgaria to the EU general budget, as of 31 July amount to BGN 14 839,3 million, or 52,7 % of the annual estimate. Non-interest current expenditures amount to BGN 12 763,0 million (56,8 % of those planned for the year), capital expenditures (including net increment of state reserve) amount to BGN 1 217,0 million (32,9 % of those planned), and interest payments amount to BGN 437,1 million (66,1 % of those planned in the 2011 budget).

The part of Bulgaria's contribution to the EU general budget, paid as of end-July 2011 from the central budget, amounts to BGN 422,2 million, which complies with Council Regulation 1150/2000.

Fiscal reserve as of 31 July 2011 amounts to BGN 4.9 billion.

Data on consolidated budget implementation as of 31 July 2011 are published in „Statistics "section on the website of the Ministry of Finance. The statistical data are accompanied by an Information Bulletin on the Execution of the Consolidated Budget, which presents a short analysis of the performance of the key budget parameters on a consolidated level and by constituent budgets.

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