site.btaConsolidated Fiscal Programme Shows Lv 937 Mln Surplus on Cash Basis by January 2022

Based on the monthly data on the cash implementation of first-level spending units' budgets, the Consolidated Fiscal Programme (CFP) balance showed a 937.0 million leva (0.7 per cent of the projected GDP) surplus on a cash basis as of January 2022. It was formed by an excess of revenues over expenditures of 973.8 million leva under the national budget and a deficit of 36.8 million leva under EU funds, the Finance Ministry said on Tuesday.

CFP revenues, grants and donations amounted to 4,321.1 million leva by the end of January 2022. Compared to the same period of 2021, the revenues grew by 608,6 million leva (16.4 per cent). Tax and non-tax CFP revenues grew nominally by 603.3 million leva. Grants and donations (mostly grants from EU funds) increased by 5.3 million leva, their value staying close to its January 2021 equivalent.

Tax revenues, including revenues from social and health insurance contributions, totalled 3,553.3 million leva, an increase of 421.8 million leva (13.5 per cent) compared to the same period from 2021. The 2022 tax revenues accounted for 82.2 per cent of the total CFP revenues for the period.

Direct tax revenues amounted to 408.5 million leva, similarly to the January 2021 revenues. Indirect tax revenues amounted to 2,081.2 million leva, an increase of 308.4 million leva (17.4 per cent) compared to the January 2021 revenues. VAT revenues amounted to 1,505.4 million leva, marking a 13.3 per cent increase compared to January 2021. Excise duty revenues were 529.1 million leva (a 26.4 per cent increase Y/Y), customs duty revenues were 36.9 million leva (a 97.6 per cent increase Y/Y).

Revenues from other taxes (including property and other taxes under the Corporate Income Tax Act) amounted to 80.5 million leva, an increase of 15.0 million leva (23.0 per cent) compared to the January 2021 revenues. Revenues from social and health insurance contributions were 983.0 million leva, an increase of 99.8 million leva (11.3 per cent) compared to January 2021.

CFP expenditures (including Bulgaria's contribution to the EU budget) in January 2022 reached 3,384.1 million leva. In comparison, the same figure in 2021 was 3,302.9 million leva.

Non-interest expenditures amounted to 3,218.9 million leva, close to the January 2021 ones. Current non-interest expenditures amounted to 3,107.0 million leva. Capital expenditures (including net increment of state reserve) amounted to 110.4 million leva. The current and capital transfers to other countries amounted to 1.5 million leva. Interest payments amounted to 32.1 million leva, marking a decrease of 8.9 million leva (21.7 per cent) Y/Y.

By the end of January 2022, the fiscal reserve stood at 11.06 billion leva, including 10.02 billion leva fiscal reserve deposits with the central bank and with commercial banks, and 1.04 billion leva of receivables from EU funds for certified expenditures, advance payments, etc.

Based on preliminary data and estimates, the Finance Ministry expects the CFP to show a 697 million leva (0.5 per cent of the projected GDP) budget surplus by the end of February 2022.