site.btaConsolidated Fiscal Programme Shows BGN 605 Mln Surplus in May

The consolidated fiscal programme (CFP) shows a BGN 605.1 million surplus as of end-May 2022, which is 0.4 % of the forecast GDP, the Finance Ministry reported Thursday. The report is based on data from the monthly reports on the cash performance of the budgets of first-level spending units. 

The surplus is formed by an excess of revenues over expenditures to the amount of BGN 324.4 million for the national budget and BGN 280.7 million for the EU funds.

The CFP revenues, grants and donations as of May 2022 totalled BGN 22,849.5 million, or 39.9% of the annual estimate. Proceeds have increased by BGN 2,373.9 million (11.6%) from this time last year. Tax and non-tax proceeds rose by BGN 2,343.7 million in nominal terms, while proceeds from grants and donations (mostly EU grants) were BGN 30.2 million more than this time last year.

Tax proceeds under CFP, including revenues from social security and health insurance contributions, totalled BGN 17,768.4 million, which is 39.5% of the annual target. Proceeds from taxes and social security and health insurance contributions have grown by BGN 2,042.5 million (13%) from this time last year, forming 77.8% of the overall CFP proceeds for the period.

Revenues from direct taxes amount to BGN 2,987 million, or 32.5% of the annual target. Indirect tax revenues amount to BGN 8,718.5 million (41.4% of the annual target), with VAT revenues amounting to BGN 6,293.5 million (42,6% of target), excise duty revenues to BGN 2,220.4 million (37.5% of target), and customs duty revenues to BGN 179 million (59.1% of annual target). Proceeds from other taxes, including property taxes and other taxes under the Corporate Income Tax Law, amounted to BGN 756.8 million, which was 54.8% of the annual target. Revenues from social security and health insurance contributions are BGN 5,306.2 million, or 39.6% of the annual target.

Non-tax revenues amount to BGN 3,967.3 million and are mostly formed by revenues from state, municipal and legal fees, revenues from rents, concession revenues, greenhouse gas emission allowance revenues, etc.

Proceeds from grants and donations amounted to BGN 1,113.8 million.

The expenditures, including the Bulgarian contribution to the EU budget, amounted to BGN 22,244.4 million, which is 35.2% of the annual estimates. For comparison, the expenditures as of end-May 2021 amounted to BGN 20,616.2 million.

Non-interest expenditures amounted to BGN 21,200.0 million, which is 35% of the annual target. Non-interest current expenditures totalled BGN 19,999.2 million. Capital expenditures stood at BGN 1,190.3 million. The current and capital transfers to other countries amounted to BGN 10.5 million. Interest payments totalled BGN 372.2 million, or 56% of the annual target.

The part of Bulgaria's contribution to the EU budget, paid from the central budget as of 31 May 2022, amounted to BGN 672.1 million.

The fiscal reserve as of 31.05.2022 totalled BGN 9.37 billion, including BGN 8.34 billion fiscal reserve deposits in BNB and banks and BGN 1.03 billion receivables under the EU Funds for certified expenditure, advance payments, etc.