31.03.2020

The data cover the period before declaring state of emergency in response to the COVID-19 outbreak in Bulgaria.

Based on the monthly data on cash execution of first-level spending units, CFP revenues, grants and donations as of February 2020 amount to BGN 7,463.8 million or 15.9% of the annual estimates. Compared to the same period of the previous year, they have grown by BGN 244.1 million in nominal terms, including tax and non-tax revenues – by BGN 166.1 million (2.5%), and grant and donation proceeds (mostly EU programme and fund grants) – by BGN 78.0 million or by 16.7%.

Tax proceeds, including revenues from social security contributions, total BGN 5,836.5 million, which accounts for 15.6% of the tax revenues planned for the year.

Direct tax revenues amount to BGN 775.5 million, or 10.8% of those planned for the year.

Indirect tax revenues amount to BGN 3,123.9 million, which accounts for 17.6% of the annual estimates. VAT proceeds amount to BGN 2,151.9 million, or 18.3% of those planned. Excise duty revenues amount to BGN 920.0 million, or 16.2% of the annual estimates. Customs duty proceeds amount to BGN 39.6 million, or 16.7% of the annual estimates.

Proceeds from other taxes, including property and other taxes under the Corporate Income Tax Law, amount to BGN 172.2 million, or 14.0% of the annual estimates.

Revenues from social security and health insurance contributions are BGN 1,764.8 million, which accounts for 15.7% of the estimates for the year.

Non-tax revenues amount to BGN 1,082.3 million, or 16.0% of the annual estimates.

Grant and donation proceeds amount to BGN 545.0 million.

CFP expenditures, including the contribution of the Republic of Bulgaria to the EU budget for February 2020, amount to BGN 5,983.6 million, which accounts for 12.8% of the annual estimates. For comparison, the CFP expenditures as of February 2019 amount to BGN 5,706.2 million. The nominal increase compared to February 2019 is mainly due to the higher capital expenditures, the staff costs, the social payments (a baseline effect from the pension increase since July 2019), the subsidy costs, etc.

Non-interest expenditures amount to BGN 5,630.7 million, which accounts for 12.6% of the annual estimates. Non-interest current expenditures as of February 2020 amount to BGN 5,273.9 million, capital expenditures (including net increment of state reserve) amount to BGN 351.1 million. The current and capital transfers to other countries amount to BGN 5.7 million. Interest payments amount to BGN 47.9 million, or 7.3% of those planned for 2020.

The part of Bulgaria’s contribution to the EU budget, as paid from the central budget as of 29.02.2020, amounts to BGN 305.1 million, which complies with the existing legislation in the area of EU own resources, i.e. Council Decision 2014/335/EU on the system of own resources of the European Union, Council Regulation (EU, Euratom) No 608/2014 of 26 May 2014 laying down implementing measures for the system of own resources of the European Union and Council Regulation (EU, Euratom) No 609/2014 of 26 May 2014 on the methods and procedure for making available the traditional, VAT and GNI-based own resources and on the measures to meet cash requirements, as amended by Council Regulation (EU, Euratom) 2016/804 of 17 May 2016.

The CFP budget balance on a cash basis for February 2020 is surplus, amounting to BGN 1,480.2 million. It is formed by the excess of national budget revenues over expenditures of BGN 1,220.8 million and of EU funds of BGN 259.4 million.

As of 29.02.2020, the fiscal reserve amounts to BGN 10.6 billion, including BGN 10.4 billion of fiscal reserve deposits in the BNB and in banks and BGN 0.2 billion of receivables under the EU Funds for certified expenditure, advance payments, etc.

The Consolidated Fiscal Programme implementation data as of 29 February 2020 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.