News from the Ministry of Finance
Based on the data from the monthly reports on the cash execution of the budgets of the primary budget managers, the balance under the consolidated fiscal program ( CFP )on a cash basis at the end of November 2023 is negative in the amount of BGN 980.3 million or 0. 5% of the estimated GDP, with a deficit for the year in the amount of 4,580.0 million BGN planned in the estimates for the 2023 ZDBRB. On a monthly basis for November, an improvement in the budget balance is reported, with revenues for the month exceeding expenses by BGN 459.9 million. The improvement of the budget position in November is due to the revenue side of the budget, with the main contribution being higher tax receipts .
The higher amount of tax revenues in the month of November is mainly due to the receipts from advance payments for corporate tax and the implementation of the measure to upgrade and improve fiscal control by introducing mandatory advance declaration of data on the transportation of goods on the territory of the Republic of Bulgaria. This measure was adopted earlier in the year with changes to the Tax and Insurance Procedural Code (SG, No. 66 of 2023, in force from 1.10.2023) and its effect began after the adoption of Ordinance No. H-5 on the terms and conditions for implementing fiscal control over the movement of goods with a high fiscal risk on the territory of the Republic of Bulgaria (promulgated, SG No. 83 of 3.10.2023, in force from 3.10.2023).
Revenues, benefits and donations under the CFP as of November 2023 are in the amount of BGN 60,117.6 million, which represents 86.5% of the estimates for 2023. Revenues increased by BGN 3,652.1 million compared to those reported as of November 2022.
Tax revenues (including income from social security contributions) amount to BGN 47,775.5 million, which represents 89.9% of the estimated for the year. Revenues from taxes and social security contributions increased by BGN 5,032.9 million (11.8%) compared to those reported for the same period of the previous year, forming 79.5% of the total revenue under the CFP for the period. The revenues in the part of direct taxes amount to BGN 10,512.3 million, which represents 90.4% of the estimates for 2023. The revenues from indirect taxes (mostly VAT) are in the amount of 20,623.7 million BGN, which represents 88.1% of those provided for in the 2023 ZDBRB. Revenues from other taxes (including other taxes under ZKPO, property and other taxes) are in the amount of BGN 2,574.5 million (in including BGN 892.2 million targeted contributions to the Electricity System Security Fund), which represents 96.6% of the annual estimate. The income from social and health insurance contributions is in the amount of BGN 14,065.0 million or 90.9% of the estimates for 2023.
Non-tax revenues are in the amount of BGN 10,201.9 million, which represents 91.5% of annual estimates and are mainly formed by revenues from state, municipal and court fees, revenues and income from property, revenues from concessions, revenues from sale of allowances for greenhouse gas emissions and others.
Income from aid and donations is in the amount of BGN 2,140.3 million.
Expenditures under the CFP (including the contribution of the Republic of Bulgaria to the EU budget) as of November 2023 amount to BGN 61,098.0 million, which is 82.5% of the annual estimates. In nominal terms, costs increased by BGN 4,234.4 million (7.4%) compared to the same period of 2022. In the individual cost indicators, the most significant increase is in social costs, as well as in the part of personnel costs, capital costs and others.
Non-interest expenses amount to BGN 58,778.2 million, which represents 83.0% of the annual estimate. Current non-interest expenses amount to BGN 53,494.8 million. Capital expenses (including the net increase in the state reserve) amount to BGN 5,229.9 million. Current and capital transfers abroad amount to BGN 53.5 BGN million. Interest payments are in the amount of BGN 791.3 million (96.1% of the planned for 2023).
Link to the full news here: https://www.minfin.bg/bg/news/12464
Source: Ministry of Finance
