28.02.2014

The budget balance under the Consolidated Fiscal Programme (CFP) as of January 2014 is negative, amounting to BGN 373.3 million and is formed by a deficit under the national budget of BGN 158.1 million and a deficit under EU funds of BGN 215.1 million and indicates an improvement by BGN 163.2 million compared to the same period in 2013. For comparison the deficit under the Consolidated Fiscal Programme (CFP) as of January 2013 amounted to BGN 536.5 million, formed by a deficit under the national budget of BGN 456.9 million and a deficit under EU funds of BGN 79.6 million.

Fiscal reserve as of 31.01.2014 is BGN 6.6 billion, including BGN 4.4 billion deposits in BNB and banks and BGN 2.2 billion receivables under the EU Funds for certified expenditure, advance payments, etc. In accordance with §1, point 41 of the Public Finances Law Additional Provisions the fiscal reserve scope has been changed to include the receivables under the EU Funds for certified expenditure, advance payments, etc.

Consolidated revenues and grants under CFP for January 2014 stand at BGN 2,071.0 million, or 6.7 % of the annual plans for 2014 under the State Budget Law. Compared to January 2013 revenues under the CFP have risen by BGN 283.1 million (15.8%), the rise being mainly due to tax revenues.

At end-January 2014 tax proceeds, including revenues from social security contributions, total BGN 1,795.6 million, which is 86.7 % of all proceeds under the CFP. Compared to January 2013 tax revenues have risen in nominal terms by BGN 290.9 million (19.3%). Revenues from direct taxes are BGN 255.5 million, or 5.9% for the year and have risen by 51.5% compared to the same period last year. Revenues from indirect taxes amount to BGN 1,007.2 million or 7.9 % of the annual plans of which VAT revenues amount to BGN 652.2 million, or 7.9%; excise duty revenues of BGN 341.0 million, or 7.8%; customs duty revenues of BGN 12.2 million, or 8.9%. Indirect taxes have risen by 13.8% compared to January 2013. Proceeds from other taxes, including property taxes and other taxes under the Corporate Income Tax Law, amount to BGN 43.4 million, or 4.8 % of the plans for 2014. Revenues from social security and health insurance contributions for January 2014 are BGN 489.5 million, or 7.8 % of those planned for the year.

Non-tax revenues and grants amount to BGN 275.4 million, or 4.1 % of those planned for the year.

The expenditures under the consolidated fiscal programme, including the contribution of the Republic of Bulgaria to the EU budget, as of 31.01.2014 amount to BGN 2,444.2 million, which is 7.5 % of the annual plans. Non-interest expenditures amount to BGN 2,219.1 million and have increased By BGN 278.4 million compared to January 2013, the highest increase of BGN 207.6 million related to EU co-financed projects. Interest payments amount to BGN 138.7 million, (20.7 % of the planned for 2014), being by BGN 154.8 million lower compared to January 2013.

The part of Bulgaria\'s contribution to the EU budget, as paid for in January 2014 from the central budget, amounts to BGN 86.5 million, which complies with Council Regulation 1150/2000 of 22 May 2000 implementing Decision 94/728/EC, Euratom on the system of the Communities\' own resources.

Data on the consolidated programme implementation as of 31 January 2014 are published on the website of the Ministry of Finance in section Statistics. The statistical data are accompanied by an Information Bulletin on the Execution of the State Budget and the main indicators of the consolidated fiscal programme, which presents a short analysis of the performance of the key budget parameters on a consolidated level and by constituent budgets.