30.12.2013

The budget balance under the Consolidated Fiscal Programme (CFP) on a cash basis as of 30 November 2013 is negative, amounting to BGN 572.0 million (0.7% of forecast GDP) and is formed by a deficit under the national budget of BGN 277.6 million and a deficit under EU funds of BGN 294.4 million.

Consolidated revenues and grants under CFP as of end-November 2013 stand at BGN 26,310.9 million, or 86.6% of the annual plans. Compared to 2012, CFP revenues and grants report a nominal growth of 7.6% (BGN 1,857.2 million) as of November 2013.

At end-November 2013 tax proceeds, including revenues from social security contributions, total BGN 20,268.6 million, which is 88.7% of the 2013 plans.

Revenues from direct taxes amount to BGN 3,414.4 million as of 30.11.2013, or 84.3% of the plans for the year. In the analysis of direct taxes the legislative changes as to the deadlines for declaring and paying advance payments for the current year in respect of some taxes and the possibility to adjust their amount by 15 December should be taken into account.

Revenues from indirect taxes amount to BGN 10,599.6 million, or 88.9% of the annual plans for 2013. VAT revenues amount to BGN 6,746.2 million or 88.1% of the annual plans. The higher amount of VAT refunded to companies in the period July-November 2013 should be taken into account, which has been done in pursuance of the measures to stimulate economic growth and reduce the liabilities of the state to the businesses. Excise duty revenues as of 30.11.2013 amount to BGN 3,696.8 million or 89.8% of the annual plans, and customs duty revenues amount to BGN 135.8 million or 113.2% of those planned for 2013. Insurance premium tax revenues amount to BGN 20.8 million or 74.1% of the plans for the year. Proceeds from other taxes, including property taxes and other taxes under the Corporate Income Tax Law, amount to BGN 753.0 million, or 93.0% of the plans for 2013. Revenues from social security and health insurance contributions as of 30.11.2013 are BGN 5,501.6 million, or 90.6% of those planned for the year.

Non-tax revenues and grants amount to BGN 6,042.3 million, or 80.2% of those planned for the year. This is a 21% growth compared to the same period of 2012.

The expenditures under the consolidated budget, including the contribution of the Republic of Bulgaria to the EU budget, as of 30.11.2013 amount to BGN 26,882.9 million, which is 84.1% of the annual plans. Non-interest current expenditures amount to BGN 22,062.1 million, capital expenditures amount to BGN 3,314.3 million, while interest payments - to BGN 673.4 million.

The part of Bulgaria's contribution to the EU budget, as paid as of 30 November 2013 from the central budget, amounts to BGN 833.0 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.

Fiscal reserve as of 30.11.2013 amounts to BGN 5.0 billion.

The budget implementation parameters as of end-November and operational data for December outline an achievement of the fiscal targets for the year.

Data on consolidated budget implementation as of 30 November 2013 are published on the website of the Ministry of Finance in "Statistics" section. 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.