Bulgaria's Finance Ministry Boasts Improved Finances
Bulgaria's fiscal reserve has increased to BGN 7.2 B as of September 2012, according to latest data of the Finance Ministry announced Wednesday.
Bulgaria's budget balance under the so called Consolidated Fiscal Program (CFP) as of end-September 2012 is positive, amounting to surplus of BGN 248.1 M for the first nine months of the year, and is formed by a surplus under the national budget of BGN 735.2 M and a deficit under EU funds of BGN 487.0 M.
A budget surplus of BGN 140.5 M on a monthly basis was reported in September 2012.
At end-September, Bulgaria's total revenues and grants stood at BGN 19.984 B, or 69.5% of those planned in the 2012 State Budget Law. Compared to the revenue reported in the same period of 2011, they saw a nominal growth by BGN 1.630 B or 8.9%.
This is mostly due to higher indirect tax, non-tax and grant revenue, the Finance Ministry explained.
Bulgaria's tax proceeds, including revenues from social security contributions, totaled BGN 15.994 B in the first nine months of 2012, which is 74.1 % of the annual projection.
Revenues from direct taxes amounted to BGN 2.933 B, or 76.4 % of those planned for the year.
Bulgaria's indirect tax revenues amounted to BGN 8.372 B, or 73.6 % of those planned in the 2012 State Budget Law, of which VAT revenues – BGN 5.251 B, or 74.0 % of the plans, excise duty revenues – BGN 3.012 B, or 72.9 % of the projected amount, customs duty revenues – BGN 89.4 M, or 74.5 % of the planned amount, and insurance premium tax revenues – BGN 19.5 M, or 81.1 % of the planned amount.
In January-September, Bulgaria's proceeds from other taxes, including property taxes and other taxes under the Corporate Income Tax Law, amounted to BGN 613.5 M, or 74.4 % of the plans for the year.
Revenues from social security and health insurance contributions as of 30 September 2012 amounted to BGN 4.075 M, or 73.3 % of those planned for the year. Non-tax revenues and grants amount to BGN 3.990 B, or 55.8 % of those planned for the year.
In the first nine months of 2012, Bulgaria's expenditures under the consolidated budget, including its contribution to the EU budget amounted to BGN 19.735 B, or 66.1 % of the projected spending for the year.
In structural terms, compared to the same period of 2011, capital expenditures and social security expenditures are higher, the Finance Minister explained.
Bulgaria's non-interest current expenditures amounted to BGN 16.456 B (73.0 % of those planned for the year), capital expenditures (including net increment of state reserve) amount to BGN 2.132 B (40.1 % of those planned), while interest payments - to BGN 518.7 M (72.3 % of those planned in the 2012 budget).
Bulgaria's contribution to the EU budget amounted to BGN 628.8 M, which complies with Council Regulation 1150/2000.
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