Finance Ministry:CFP Shows Surplus of Lv 2,385.8 Mln at End-November

Finance Ministry:CFP Shows Surplus of Lv 2,385.8 Mln at End-November

Finance Ministry:CFP Shows Surplus of Lv 2,385.8 Mln at End-November

Sofia, December 30 (BTA) - Based on the monthly reports from first-level spending units, the Consolidated Fiscal Programme (CFP) on a cash basis as at end-November 2017 was in a surplus of 2,385.8 million leva (2.4 per cent of the projected GDP). This surplus is formed by a national budget surplus of 2,582.1 million leva and an EU funds deficit of 196.3 million leva, the Finance Ministry said.

The national budget balance reports an improvement in structural terms as compared to the same period of 2016, mainly due to larger tax revenues, including from social security and health insurance contributions. Meanwhile, the balance of EU fund accounts deteriorated this year due to a baseline effect in 2016 related to EU grants reimbursed to Bulgaria early in 2016 for expenditures incurred at the end of 2015 when project payments for the 2007Ц2013 programming period peaked.

CFP revenues and grants as at November 2017 stood at 31,903.4 million leva, 90.0 per cent of the annual estimates. Compared to a year earlier, tax and non-tax revenues rose by 2,394.3 million leva (8.5 per cent), with grant revenues being lower.

Tax revenues, including those from social security contributions, totalled 26,778.1 million leva, 95.5 per cent of the projected revenues. Compared to November 2016, tax proceeds increased in nominal terms by 9.6 per cent (2,338.0 million leva).

Direct tax revenues amounted to 4,818.3 million leva, 94.6 per cent of the annual projection. They were 482.0 million leva (11.1 per cent) more than a year earlier.

Indirect tax revenues amounted to 13,407.5 million leva, 95.6 per cent of the annual projection. Compared to November 2016, these revenues increased by 849.2 million leva (6.8 per cent). VAT proceeds amounted to 8,591.0 million leva, 97.8 per cent of those planned. Compared to the previous year, VAT revenues rose by 656.6 million leva (8.3 per cent). The amount of non-refunded VAT as at end-November 2017 was 62.2 million leva. Excise duty revenues amounted to 4,609.6 million leva, 91.5 per cent of the annual projection. Customs duty revenues amounted to 173.8 million leva, 104.7 per cent of the annual projection.

Proceeds from other taxes, including property taxes and other taxes under the Corporate Income Tax Act, amounted to 969.3 million leva, 97.8 per cent of the annual projection.

Revenues from social security and health insurance contributions were 7,583.0 million leva, 95.6 per cent of the estimates for the year.

Non-tax revenues amounted to 3,880.3 million leva, 81.6 per cent of the annual projection.

Grant revenues amounted to 1,245.0 million leva, 47.1 per cent of those planned for the year.

CFP expenditures, including Bulgaria's contribution to the EU budget as at November 2017, amounted to 29,517.5 million leva, 80.3 per cent of the annual estimates. By comparison, CFP expenditures for the same period of 2016 amounted to 27,618.9 million leva.

Non-interest expenditures amounted to 27,942.1 million leva, 80.9 per cent of the annual projection. Non-interest current expenditure as at November 2017 amounted to 25,928.6 million leva, 91.5 per cent of the estimates for the year. Capital expenditures (including the net increment of the state reserve) amounted to 2,013.5 million leva, 32.5 per cent of the annual estimates. Interest payments amounted to 759.0 million leva, 91.8 per cent of those planned for 2017.

The portion of Bulgaria's contribution to the EU budget paid from the central government budget as at end-November 2017 amounted to 816.4 million leva.

The fiscal reserve as at November 30 was 11.9 billion leva, including 11.3 billion leva in fiscal reserve deposits with the Bulgarian National Bank and banks, and 0.6 billion leva in receivables under the EU Funds for certified expenditures, advance payments, etc.

Source: Sofia