site.btaFinance Ministry Reports Consolidated Fiscal Programme Surplus of 3.1 Per Cent of GDP for May 2016

Finance Ministry Reports Consolidated Fiscal Programme Surplus of 3.1 Per Cent of GDP for May 2016

Sofia, July 1 (BTA) - Based on the monthly data of first-level spending units, the Consolidated Fiscal Programme (CFP) balance on a cash basis as of end-May 2016 is positive, amounting to 2,773.6 million leva, or 3.1 per cent of the projected GDP, and is formed by a national budget surplus of 1,665.6 million leva and a surplus of EU funds of 1,108.0 million leva, the Finance Ministry said in a press release.

A surplus of 1.3 per cent of the GDP was reported for January-May 2015.

The CFP revenues and grants in May 2016 stand at 14,852.1 million leva, or 45 per cent of the annual estimates. Compared to the like period in the preceding year, revenues and grants increase by 1,033.5 million leva, or by 7.5 per cent. The increase is attributed to the higher tax and non-tax proceeds which grew by 1,261.4 million leva. Proceeds from grants drop by 227.9 million leva but still show a good performance at 60.9 per cent of the annual estimates.

The total amount of tax revenues, including revenues from social security contributions, stands at 11,321.0 million leva, which accounts for 43.6 per cent of the revenues planned for the year. Compared to May 2015, tax proceeds increase in nominal terms by 1,037.2 million leva, or by 10.1 per cent. In structural terms, the proceeds from indirect taxes show the biggest growth.

The direct tax revenues amount to 2,224.7 million leva, or 47.5 per cent of those planned in the 2016 State Budget of the Republic of Bulgaria Act, being 169.7 million leva, or 8.3 per cent, more than in the first five months of 2015.

The VAT proceeds amount to 3,708.7 million leva, or 44.1 per cent of those planned for the year. As compared to the previous year, the VAT revenues increase by 442 million leva. The amount of the non-refunded VAT as of end-May is 140.8 million leva. There is a growth of the excise duty revenues which amount to 1,869.5 million leva, or 40 per cent of the annual estimates, growing by 231 million leva, or by 14.1 per cent, against May 2015. The customs duty proceeds amount to 70.4 million leva, or 47 per cent of the estimates for the year.

Proceeds from other taxes, including property taxes, amount to 520.5 million leva, or 57.1 per cent of the annual estimates.

Revenues from social security and health insurance contributions are 2,912.3 million leva, or 40.8 per cent of the estimates for the year. Compared to the previous year, the revenues from social security contributions grow by 133.7 million leva, or by 4.8 per cent, in nominal terms.

Non-tax revenues amount to 1,980.7 million leva, or 44.2 per cent of the annual estimates. The figure is 12.8 per cent higher than the figure for end-May 2015.

The Consolidated Fiscal Programme expenditures, including the contribution of the Republic of Bulgaria to the EU budget as at May 2016, amount to 12,078.5 million leva, which accounts for 34.7 per cent of the annual estimates. For comparison, the CFP expenditures in May 2015 amount to 12,727.5 million leva.

Non-interest expenditures amount to 11,376.4 million leva, which accounts for 34.9 per cent of the annual estimates. The non-interest current expenditures for May 2016 amount to 10,710 million leva, 40.4 per cent of the annual estimates, capital expenditures (including net increment of state reserve) amount to 665.5 million leva. Interest payments amount to 345.6 million leva, or 43.1 per cent of those planned for 2016.

The part of Bulgaria's contribution to the EU budget, as paid from the central budget in May 2016, amounts to 356.6 million leva.

The fiscal reserve as at May 31, 2016 is 13,400 million leva, including 11,900 million leva in deposits in BNB and in banks and 1,500 million of receivables under the EU Funds for certified expenditure, advance payments, etc.