30.10.2015

The first level spending units' monthly reports show that the Consolidated Fiscal Programme (CFP) had a surplus of BGN 621.5 million as at the end of September 2015 (0.7% of forecast GDP). It is formed by a surplus under the national budget of BGN 499.2 million and a surplus under EU funds of BGN 122.3 million. For comparison, at the end of September 2014 the budget balance under CFP was a deficit to the amount of BGN 1,478.9 million (1.8% of GDP), i.e., if referred to GDP, the budget position has improved by 2.5 percentage points. The improvement of the budget position is due to the growth of revenues under the national budget as well as to the growth of grants.

Consolidated revenues and grants under CFP as of 30.9.2015 stand at BGN 24,149.4 million, or 79.6% 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 2,593.1 million (12.0%). In structural terms tax revenues have increased by BGN 1,493.6 million (8.7%), non-tax revenues - by BGN 140.1 million (5.2%), and receipts from grants (mainly EU funds) - by BGN 959.3 million (53.8%).

At end-September tax proceeds, including revenues from social security contributions, total BGN 18,568.6 million, which is 77.3% of the plans. In the group of tax revenues, all key taxes and security contributions have registered growth as compared to the same period of the previous year, with the highest increase being that of proceeds in the group of indirect taxes, followed by revenues from health and social security contributions.

Revenues from direct taxes amount to BGN 3,265.4 million, or 74.2% of the 2015 annual plans. Compared to the same period of the previous year the revenues in this group have increased by 4.9%, mainly driven by the proceeds from corporate taxes as well as from personal income tax.

Revenues from indirect taxes amount to BGN 9,547.6 million, or 78.9% of the annual plans for 2015. VAT revenues amount to BGN 6,082.7 million or 78.6% of the annual plan and by BGN 567.2 million more compared to the same period of 2014. The non-refunded tax credit to companies as of 30.9.2015 amounts to BGN 143.5 million. Excise duty revenues amount to BGN 3,332.6 million (79.7% of the annual plans), and compared to September 2014 have risen by 11.6% or BGN 345.4 million. Custom duties revenues are BGN 113.2 million, or 78.2% of the annual plan, and also report growth by 1.3% compared to September 2014. Proceeds from other taxes, including property taxes and other taxes under the Corporate Income Tax Law, amount to BGN 674, 5 million, or 77.9% of the annual estimates. Revenues from social security and health insurance contributions are BGN 5,080.9 million, or 76.4% of those planned for the year. Compared to the same period of the previous year these revenues have risen by 8.5% (BGN 399.8 million) in nominal terms

Non-tax revenues amount to BGN 2,838.5 million or 84.9% of the annual plans. 

Grants from the country and abroad (including grants from EU Funds) amount to BGN 2,742.4 million or 91.6% 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-September 2015 amount to BGN 23,528.0 million, which is 71.7% of the annual plans. Compared to the same period of the previous year, total CFP expenditures have risen by BGN 492.7 million (2.1%). In structural terms, capital expenditures report a growth, while nominally non-interest current expenditures remain close to those reported for the same period of the previous year.

Non-interest expenditures amount to BGN 22,273.3 million or 72.8% of the annual plans. Non-interest current expenditures as of 30.9.2015 amount to BGN 18,811.1 million, or 74.6% of the plans, capital expenditures (including net increment of state reserve) amount to BGN 3,462.2 million, or 64.2% of the plans for 2015. Interest payments amount to BGN 630.1 million, or 72.3% of the plans for 2015.

The part of Bulgaria's contribution to the EU budget, paid as of 30.9.2015 from the central budget, amounts to BGN 624.5 million, which complies with the current legislation on EU own resources, Council Decision 2007/436/EC, Euratom on the system of the Communities' own resources and Council Regulation (EC, Euratom) No 1150/2000 as amended by Regulation No 2018/2004, Regulation No 105/2009 and Regulation No 1377/2014, implementing Decision 2007/436/EC.

Fiscal reserve as of 30.9.2015 is BGN 10.1 billion, including BGN 10.0 billion deposits in BNB and banks and BGN 0.1 billion receivables under the EU Funds for certified expenditure, advance payments, etc.