MoF Expects Excess of Revenues over Expenditures of BGN 1,160 million under Consolidated Fiscal Programme as of End-June 2022
According to the preliminary data and estimates, as of June 2022, the Consolidated Fiscal Programme (CFP) balance is expected to be positive, amounting to BGN 1,160 million, or 0.8% of the projected GDP. On a monthly basis, an excess of revenues over expenditures of BGN 555 million is expected for June. The improvement in the budget stance for this month is mostly due to the higher proceeds related to the deadline for submission of the annual tax return for 2021 under the Corporate Income Tax (30 June) and the payment of the corporate tax, the tax on the income of budget enterprises and the tax on shipping activities. The proceeds from indirect taxes, grants (mostly EU programme and fund grants), etc. also have a positive influence on the growth of revenues.
Key CFP parameters based on preliminary data and estimates:
As of June 2022, CFP revenues, grants and donations are expected to be BGN 28,223 million (49.3% of the annual estimates) and increase by BGN 3,462 million (14.0%) compared to those reported in the same period of 2021. CFP tax and non-tax revenues grow by BGN 3,301 million in nominal terms compared to June 2021, while grant and donation proceeds (mostly EU programme and fund grants) grow by BGN 161 million.
As of June 2022, the Consolidated Fiscal Programme expenditures, including the contribution of the Republic of Bulgaria to the EU budget, amount to BGN 27,063 million (42.9% of the annual estimates). For comparison, CFP expenditures for the first half of 2021 amount to BGN 24,645.0 million.
The part of Bulgaria’s contribution to the EU budget, as paid from the central budget as of 30.06.2022, amounts to BGN 813 million, which complies with the existing legislation in the area of EU own resources.
The statistical data and the Information Bulletin on the Execution of the State Budget and the key Consolidated Fiscal Programme indicators based on the monthly data on cash execution of first-level spending units’ budgets as of June 2022 will be published on the website of the Ministry of Finance at the end of July 2022