30.04.2013

The budget balance under the Consolidated Fiscal Programme (CFP) on a cash basis Q1 of 2013 is negative, amounting to BGN 795.6 million and is formed by a deficit under the national budget of 474.8 million and a deficit under EU funds of BGN 320.9 million. Compared to the same period of 2012, the CFP deficit grows by BGN 108.4 million in nominal terms mostly due to the higher social insurance expenditure, interest expenditure, the higher maintenance expenditure, the higher contribution to the general budget of the EU. On a monthly basis, the CFP deficit in end-March 2013 amounts to BGN 63.6 million against BGN 125.9 million for March 2012.

CFP revenues and grants for Q1 of 2013 stand at BGN 6,154.5 million or 20.1% of the annual plans for 2013. Compared to the same period of 2012, CFP proceeds and grants stood at 20.7%, but it should be taken into account that due to the modified periods of declaration and payment of some taxes, the Q1 data are not entirely comparable to the data for the same period of last year.

At end-March 2013, tax proceeds, including revenues from social security contributions, total BGN 5,118.6 million, which is 83.2% of the total CFP proceeds. Revenues from direct taxes are BGN 1,007.0 million, or 24.4% of the planned for the year. Indirect tax revenues amount to BGN 2,628.8 million, or 21.3% of the programme for the year, of which VAT revenues amounting to BGN 1,789.1 million, or 22.7%, excise duty revenues amounting to BGN 805.6 million, or 18.7%, customs duty revenues amounting to BGN 31.9 million, or 26.6%. Proceeds from other taxes, including property taxes and other taxes under the Corporate Income Tax Law, amount to BGN 177.6 million, or 20.6% of the plans for the year Revenues from social security and health insurance contributions as of 31 March 2013 are BGN 1,305.2 million, or 21.5% of those planned for the year.

Non-tax revenues and grants amount to BGN 1,035.9 million, or 14.4% 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 31 March 2013 amount to BGN 6,950.2 million, or 21.9% of the planned for the year. Non-interest current expenditures amount to BGN 5,777.7 million, or 24% of the plans, capital expenditures (including net increment of state reserve) amount to BGN 525.3 million, or 9.7% of the plans under the State Budget Law for 2013, while interest payments - to BGN 319.2 million, or 36.5% of the plans for 2013.

The part of Bulgaria's contribution to the EU budget, as paid for the first three months of 2013 from the central budget, amounts to BGN 327.8 million, which complies with Council Regulation 1150/2000.

Fiscal reserve as of 31 March 2013 amounts to BGN 4.2 billion. At the beginning of April 2013 the European Commission refunded the national budget advance payments under the Common Agricultural Policy (direct payments for farmers amounting to BGN 829.9 million paid from the national budget in February 2013) and some expenditure under the Regional Development Programme from December 2012, which resulted in a considerable increase in the fiscal reserve.

Data on consolidated budget implementation as of 31 March 2013 are published in "Statistics" section on the website of the Ministry of Finance.