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CFP BUDGET BALANCE IS POSITIVE AS OF END-JUNE 2012

CFP BUDGET BALANCE IS POSITIVE AS OF END-JUNE 2012
Снимка: CFP BUDGET BALANCE IS POSITIVE AS OF END-JUNE 2012

01.08.2012

The budget balance under the Consolidated Fiscal Programme (CFP) as of end-June 2012 is positive, amounting to BGN 62.4 million against a deficit of BGN 649.7 million as of June 2011, and is formed by a surplus under the national budget of 467.7 million and a deficit under EU funds of BGN 405.3 million. Compared to the same period of last year, the budget balance on a cash basis has improved by BGN 712.1 million (1.0 pp of GDP).

Fiscal reserve as of 30 June 2012 amounts to BGN 5.1 billion.

At end-June CFP revenues and grants stand at BGN 13,224.3 million or 46.0 % of those planned in the 2012 State Budget Law. Compared to the revenue reported in the same period of 2011, CFP proceeds report a nominal growth by BGN 1,183.3 million or 9.8%. This is mostly due to higher indirect tax, non-tax and grant revenue.

Tax proceeds, including revenues from social security contributions, total BGN 10,562.3 million as of end-June, which is 48.9 % of the annual plans. Revenues from direct taxes are BGN 2,122.2 million, or 55.3 % of those planned for the year. Indirect tax revenues amount to BGN 5,319.3 million, or 46.8 % of those planned in the 2012 State Budget Law, of which VAT revenues amounting to BGN 3,419.3 million, or 48.2 % of the plans, excise duty revenues amounting to BGN 1,829.7 million, or 44.3 % of the plans, customs duty revenues amounting to BGN 57.0 million, or 47.5 % of the plans, and insurance premium tax revenues amounting to BGN 13.3 million, or 55.3 % of the plans. Proceeds from other taxes, including property taxes and other taxes under the Corporate Income Tax Law, amount to BGN 442.million, or 53.7 % of the plans for the year. Revenues from social security and health insurance contributions as of 30 June 2012 are BGN 2,678.3 million, or 48.2 % of those planned for the year.

Non-tax revenues and grants amount to BGN 2,662.0 million, or 37.2 % of those planned for the year.

The expenditures under the consolidated budget, including the contribution of the Republic of Bulgaria to the EU budget, as of 30 June 2012 amount to BGN 13,161.9 million, or 44.1 % of the planned for the year. In structural terms, compared to the first half of 2011, capital expenditures and social security expenditures are mostly higher. Non-interest current expenditures amount to BGN 11,017.8 million (48.9 % of those planned for the year), capital expenditures (including net increment of state reserve) amount to BGN 1,317.9 million (24.8 % of those planned), while interest payments - to BGN 359.6 million (50.1 % of those planned in the 2012 budget).

The part of Bulgaria's contribution to the EU budget, as paid as of end-June 2012 from the central budget, amounts to BGN 466.6 million, which complies with Council Regulation 1150/2000.

Data on consolidated budget implementation as of 30 June 2012 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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