site.btaConsolidated Fiscal Programme Cash Balance Almost Even as of August 2023
The balance under the consolidated fiscal programme (CFP) on a cash basis at the end of August is close to balanced (with a minimum deficit of BGN 51.9 million), the Ministry of Finance reported.
CFP revenues, grants and donations as of August 2023 amounted to BGN 42,475.1 million, or 61.1% of the annual estimates. Proceeds increased by BGN 3,170.2 million, or by 8.1%, compared to those reported in August 2022. Tax and non-tax CFP revenues increased by BGN 3,607.3 million in nominal terms, while grant and donation proceeds (mostly EU programme and fund grants) decreased by BGN 437.1 million compared to the previous year, the report reads.
Tax proceeds, including revenues from social security contributions, amounted to BGN 33,072.1 million, which accounts for 62.2% of the estimates for the year. Tax and social security contribution proceeds increased by BGN 2,955.0 million (9.8%) compared to those reported for the same period of the previous year, forming 77.9% of the overall CFP proceeds for the period.
Direct tax revenues amounted to BGN 6,762.9 million or 58.2% of the estimates for 2023. Indirect tax revenues (VAT mostly) amounted to BGN 14,321.6 million (61.2% of the estimates for the year). Proceeds from other taxes, including other taxes under the Corporate Income Tax Act, property and other taxes, amounted to BGN 953.2 million (including BGN 699.6 million earmarked contributions to the Electricity System Security Fund) or 73.3% of the annual estimates. Revenues from social security and health insurance contributions amounted to BGN 10,034.5 million, or 64.9% of those planned for the 2023, the Ministry said.
Non-tax revenues amounted to BGN 7,807.1 million, which accounts for 70.0% of the annual estimates, and were mostly formed by state, municipal and legal expense revenues, rents, concession revenues, greenhouse gas emission allowance revenues, etc.
Grant and donation proceeds amounted to BGN 1,595.9 million.
CFP expenditures, including the contribution of the Republic of Bulgaria to the EU budget for August 2023, amounted to BGN 42,527.0 million, which accounts for 57.4% of the annual estimates. In nominal terms, expenditures increased by BGN 4,923.6 million (13.1%) compared to the same period of 2022. In the individual expenditure indicators, the most significant increase was registered with pension expenditures, as well as in the personnel, capital and other expenditure components.
Non-interest expenditures amounted to BGN 41,027.6 million, which accounts for 57.9% of the annual estimates. Non-interest current expenditures amounted to BGN 37,870.6 million. Capital expenditures (including net increment of state reserve) amounted to BGN 3,113.2 million. Current and capital transfers to other countries amounted to BGN 43.8 million. Interest payments amounted to BGN 386.3 million, or 46.9% of those planned for 2023.
The part of Bulgaria’s contribution to the EU budget paid from the central budget as of 31.08.2023 amounted to BGN 1,113.2 million, which complies with the existing legislation in the area of EU own resources, the financial report states.
The fiscal reserve as of August 31 was BGN 12.36 billion, including BGN 12.05 billion of fiscal reserve deposits in the Bulgarian National Bank and in banks and BGN 0.31 billion of receivables under the EU Funds for certified expenditures, advance payments, etc.