site.btaConsolidated Fiscal Programme Shows Nearly Lv 300 Mln Surplus by March 2022

Based on the monthly data on the cash implementation of first-level spending units' budgets, the Consolidated Fiscal Programme (CFP) balance showed a 298 million leva (0.2 per cent of the projected GDP) surplus on a cash basis as of March 2022, the Finance Ministry said. It was formed by an excess of revenues over expenditures of 344.7 million leva under the national budget and a deficit of 46.7 million leva under EU funds.

CFP revenues, grants and donations amounted to 12,382.7 million leva by the end of March 2022, or 21.6 per cent of annual estimates Compared to the same period of 2021, the revenues grew by 1,032.3 million leva (9.1 per cent). Tax and non-tax CFP revenues grew nominally by 1,255.2 million leva. Grants and donations (mostly grants from EU funds) decreased by 222.9.3 million leva from the like period of 2021.

Tax revenues, including revenues from social and health insurance contributions, totalled 9,875 million leva, or 21.9 per cent of the annual projections. This is an increase of 1,044.1 million leva (11.8 per cent) year-on-year, accounting for 79.7 per cent of the total CFP revenues for the period.

Direct tax revenues amounted to 1,247.4 million leva, or 13.6 per cent of annual projections. Indirect tax revenues amounted to 5,188.3 million leva, or 24.6 per cent of annual projections. VAT revenues amounted to 3,812.3 million leva (21.4 per cent of annual projections). Excise duty revenues were 388.8 million leva, or 28.2 per cent of annual projections. Revenues from social and health insurance contributions amounted to 3,050.5 million leva, or 22.8 per cent of annual projections.

Non-tax revenues totaled 2,026.8 million leva, or 28.5 per cent of annual projections, and are mostly formed by revenues from state, municipal and legal fees, revenues from rents, concession revenues, greenhouse gas emission allowance revenues, etc.

Revenues from grants and donations totaled 480.9 million leva.

CFP expenditures (including Bulgaria's contribution to the EU budget) between January and March 2022 reached 12,084.7 million leva, or 19.1 per cent of annual estimates, compared with 11,976.3 million leva in the like period of 2021.

Non-interest expenditures amounted to 11,347.3 million leva, or 18.7 per cent of annual estimates. Current non-interest expenditures amounted to 10,603.9 million leva. Capital expenditures (including net increment of state reserve) amounted to 736.8 million leva. The current and capital transfers to other countries amounted to 6.6 million leva. Interest payments amounted to 335.6 million leva, or 50.5 per cent of the annual projections.

Bulgaria’s contribution of the EU budget stood at 401.8 million leva by the end of March.

By March 31, the fiscal reserve stood at 7.5 billion leva, including 6.9 billion leva in fiscal reserve deposits with the central bank and with commercial banks, and 0.6 billion leva of receivables from EU funds for certified expenditures, advance payments, etc.