The Fiscal Reserve of Bulgaria as of June 30 is BGN 11.7 Billion

The Council of Ministers approved the information on the cash execution of the state budget and the main indicators of the consolidated fiscal program for the first half of 2019, prepared in pursuance of Art. 135, para. 1 of the Law on Public Finances, based on the monthly reports on the cash execution of the primary budget spending units.

According to the monthly reports of the primary budget spending units, the balance of the CFP on a cash basis as of June 2019 is positive at BGN 3 225.0 million (2.8% of the estimated GDP) and is formed by an excess of revenues over expenditures under the national budget in the amount of BGN 3 108,0 million and European funds in the amount of BGN 116,9 million.

The receipts and benefits under the CFP as of June 2019 amount to BGN 22 285,6 million or 50,8% of the annual estimates. Compared to the same period of the previous year, tax and non-tax revenues increased by BGN 2 622,4 million (14,2%), while aid receipts (mainly grants under EU programs and funds) increased by 453,0 million. the lion.

The implementation of the revenues for the half-year is in accordance with the plan for the period and the specifics of the tax calendar, on the basis of which a considerable part of the annual receipts for some taxes (corporate tax, PITF, etc.) is concentrated in the first half of the year. This is the reason that the revenues for the period traditionally exceed 50 percent of the annual plan.

The total amount of tax revenue, incl. revenues from social security contributions amounted to BGN 17 686,3 million, which represents 51.2% of the tax revenue planned for the year.

Revenues from direct taxes amount to BGN 3 333,1 million or 50,8% of the projected estimates for the year. Revenue from indirect...