The Amount of the Fiscal Reserve as of June 30 is BGN 11.7 billion

With its decision, the government approved the report on the cash execution of the consolidated fiscal program for the first half of 2019.

On the basis of the quarterly cash reports for the implementation of the budgets of the first budget spending units, the budget balance under the Consolidated Fiscal Program  for the first half of 2019 is positive at BGN 3 223,3 million and is formed by excess of revenues over expenditures under the national budget in the amount of BGN 3 107,6 million and by European funds in the amount of BGN 115,7 million.

The receipts, grants and donations under the CFP as of June 30 amount to BGN 22 285,8 million or 50,8% of the annual estimates, reporting an increase of 16 percent compared to the same period of the previous year. Tax receipts increase in nominal terms by 10.4 per cent compared to the first half of 2018. Non-tax revenues have increased by 38.4 per cent compared to those reported for the first six months of 2018, while receipts from grants and donations have increased by 64.9 per cent compared to those reported as of June of the previous year. The total amount of tax receipts (including social security income) as of the end of June amounted to BGN 17 686.3 million, which represents 51.2% of the annual estimates. In structural terms, the most significant growth was recorded in contributions from social security contributions and indirect taxes. Non-tax revenues amount to BGN 3 448.4 million, which represents 52.0% of the annual estimates. It should be noted that the non-tax revenues show a base effect in the part of the revenues from the budget of the Electricity Security Fund "due to the amendments to the Energy Act of 01.07.2018, which changed the collection mechanism. Therefore, the revenue from the...

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