31.05.2022

Based on the monthly data on cash execution of first-level spending units’ budgets, the Consolidated Fiscal Programme (CFP) balance on a cash basis as of April 2022 is positive, amounting to BGN 882.5 million, or 0.6% of the projected GDP, and is formed by an excess of revenues over expenditures of BGN 678.9 million under the national budget and of BGN 203.7 million under EU funds.

CFP revenues, grants and donations as of April 2022 amount to BGN 17,789.1 million, or 31.1% of the annual estimates^[1]. Proceeds grow by BGN 1,076.9 million, or by 6.4% compared to those reported in April 2021. Tax and non-tax CFP revenues grow by BGN 1,036.0 million in nominal terms, while grant and donation proceeds (mostly EU programme and fund grants) are by BGN 40.9 million more than those reported for the same period of the previous year.

CFP tax proceeds, including revenues from social security contributions, total BGN 14,022.0 million, which accounts for 31.1% of the tax revenues planned for the year. Tax and social security contribution proceeds grow by BGN 1,326.5 million (10,4%) compared to those reported for the same period of the previous year, forming 78.8% of the overall CFP proceeds for the period.

Direct tax revenues amount to BGN 2,279.1 million, or 24.8% of those planned for the year. Indirect tax proceeds amount to BGN 6,944.8 million (33.0% of the annual estimates), with VAT proceeds amounting to BGN 5,048.8 million (34.2% of those planned), excise duty revenues amounting to BGN 1,732.0 million (29.3% of the estimates), and customs duty proceeds amounting to BGN 143.4 million (47.3% as against the annual estimates). Proceeds from other taxes, including property and other taxes under the Corporate Income Tax Law, amount to BGN 649.4 million, or execution of 47.1% of the annual estimates. Revenues from social security and health insurance contributions are BGN 4,148.7 million, which accounts for 31.0% of the estimates for the year.

Non-tax revenues amount to BGN 2,879.1 million and are formed mostly from state, municipal and legal expense revenues, rents, concession revenues, greenhouse gas emission allowance revenues, etc.

Grant and donation proceeds amount to BGN 887.9 million.

CFP expenditures, including the contribution of the Republic of Bulgaria to the EU budget for April 2022, amount to BGN 16,906.5 million, which accounts for 26.8% of the annual estimates. For comparison, the CFP expenditures as of April 2021 amount to BGN 16,540.5 million.

Non-interest expenditures amount to BGN 16,030.6 million, which accounts for 26.5% of the annual estimates. Non-interest current expenditures amount to BGN 15,052.5 million. Capital expenditures (including net increment of state reserve) amount to BGN 969.8 million. The current and capital transfers to other countries amount to BGN 8.3 million. Interest payments amount to BGN 340.9 million, or 51.3% of those planned for 2022.

The part of Bulgaria’s contribution to the EU budget, as paid from the central budget as of 30.04.2022, amounts to BGN 534.9 million, which complies with the existing legislation in the area of EU own resources.

The fiscal reserve as of 30.04.2022 is BGN 9.4 billion, including BGN 8.3 billion of fiscal reserve deposits in the BNB and in banks and BGN 1.1 billion of receivables under the EU Funds for certified expenditures, advance payments, etc.

The Consolidated Fiscal Programme implementation data as of 30 April 2022 are published on the website of the Ministry of Finance, in Statistics section. The statistics is accompanied by an Information Bulletin on the Execution of the State Budget and the Main Indicators of the Consolidated Fiscal Programme, which represents a short analysis of the performance of the key budget parameters on a consolidated level and by constituent budgets.

^[1] Estimates to the 2022 State Budget of the Republic of Bulgaria Law (promulgated in the State Gazette, issue 18 of 04.03.2022).