31.03.2015

The first level spending units' monthly reports show that the consolidated fiscal programme balance as of end-February 2015 is a minimum deficit to the amount of BGN 105.5 million (0.1% of forecast GDP) and is formed by a surplus under the national budget of BGN 73.3 million and a deficit under EU funds of BGN 178.8 million. Compared to end-February 2014 the budget position has improved by 0.7% of GDP. The improvement of the budget position is mainly due to growth in tax revenues while expenditures under the consolidated fiscal programme are lower than those reported for the same period of the previous year. It should also be noted that the deficit for the first two months of 2015 is the lowest one for the past five years

The revenues and grants under CFP as of 28.02.2015 stand at BGN 4,761.6 million, or 15.7% of the plans under the 2015 Annual Budget Law. Compared to the same period of the previous year revenues and grants have risen by BGN 558.8 million (13.3%).

Tax proceeds at end-February, including revenues from social security contributions, total BGN 3,850.2 million, which is 16.0 % of the annual plans. Compared to 2014 tax proceeds have risen by 18.4% (BGN 598.9 million) in nominal terms. In structural terms the highest growth is reported in indirect tax revenues, followed by revenues from social security and health insurance contributions.

Revenues from direct taxes amount to BGN 479.5 million, or 10.9 % of the 2015 Annual Budget Law plans.

Indirect tax revenues amount to BGN 2,185.2 million, or 18.1% of the 2015 Annual Budget Law plans. VAT revenues amount to BGN 1,503.7 million, or 19.4 % of the annual plans, growing by BGN 342.7 million compared to the same period of 2014. The non-refunded VAT amount as of end-February remains lower than the one reported for the same period of the previous year and stands at BGN 173.8 million. Growth is reported in excise duty revenues which amount to BGN 650.6 million (15.6% of the annual plans), and compared to February 2014 have risen by 10.6 % or BGN 62.5 million. Custom duties revenues are BGN 26.0 million, or 17.9 % of the annual plan, and also report growth by 11.6 %.  Proceeds from other taxes, including property taxes and other taxes under the Corporate Income Tax Law, amount to BGN 112.9 million, or 13.0 % of the annual estimates.  Revenues from social security and health insurance contributions are BGN 1,072.7 million, or 16.1% of those planned for the year. Compared to the same period of the previous year the revenues from social security and health insurance contributions have risen by 22.5% (BGN 196.7 million) in nominal terms

Non-tax revenues amount to BGN 669.6 million or 20.0% of the annual plans. This is by BGN 120.7 million (22.0 %) more compared to end-February 2014 which is mainly due to the higher amount of proceeds from state and municipal charges and other non-tax revenues.

Grants from the country and abroad (including grants from EU Funds) amount to BGN 241.8 million or 8.1% of the annual plan.

The expenditures under the consolidated fiscal programme, including the contribution of the Republic of Bulgaria to the EU budget, as of end-February 2015 amount to BGN 4,867.1 million, which is 14.8% of the annual plans.

Non-interest expenditures amount to BGN 4,425.0 million or 14.5% of the annual plans. Non-interest current expenditures as of 28.02.2015 amount to BGN 3,975.6 million, or 15.7% of the annual plans, capital expenditures (including net increment of state reserve) amount to BGN 449.3 million, or 8.6% of the plans under the 2015 Annual Budget Law. Interest payments amount to BGN 215.8 million, or 24.8% of the plans for 2015.

The part of Republic of Bulgaria's contribution to the EU budget, paid as of 28.02.2015 from the central budget, amounts to BGN 226.3 million, which complies with Council Regulation (EC, EURATOM) No 1150/2000 of 22 May 2000 implementing Decision 94/728/EC, Euratom on the system of the Communities' own resources.

Fiscal reserve as of 28.02.2015 is BGN 7.9 billion, including BGN 5.7 billion deposits in BNB and banks and BGN 2.3 billion receivables under the EU Funds for certified expenditure, advance payments, etc.

The data on the consolidated fiscal programme implementation as of 28.02.2015 are published on the website of the Ministry of Finance in category "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.