Treasury Tax Revenues - Less by Nearly BGN 1 Billion
The Ministry of Finance expects a deficit of BGN 190.4 million for August.
According to the agency, this is mainly due to a drop in revenues.
Revenues, grants and donations under the CFP as of August 2020 are expected to amount to BGN 28.787 billion. Compared to the same period of 2019, tax and non-tax revenues under the consolidated fiscal program have shrunk by BGN 949.8 million, while aid revenues have increased by BGN 430.9 million. The delay in revenues is a consequence of the negative effects on revenues from all major types of taxes from the restrictions imposed in Bulgaria and the world in connection with the fight against the spread of COVID-19, the Ministry of Finance specified.
Expenditures under the consolidated fiscal program as of August 2020 amount to BGN 27.253 billion. For comparison, expenditures in the same period last year amounted to BGN 28.193 billion.
The part of the contribution of the Republic of Bulgaria to the EU budget, paid as of August 31 from the central budget, amounts to BGN 808.5 million, the Ministry of Finance announced.
Data on budget execution in July show that the budget balance on a cash basis at the end of the month was positive at BGN 1.723 billion and is formed by the excess of revenues over expenditures in the national budget in the amount of BGN 1.182 billion and in European funds in the amount of BGN 541.1 million. The forecast for August is that the excess of revenues over expenditures is expected to amount to BGN 1.533 billion. This is how the projected deficit is obtained on a monthly basis.
The amount of the fiscal reserve as of July 31 is BGN 10.14 billion, as BGN 9.78 billion are in the form of deposits of the fiscal reserve with the BNB and banks and BGN 0.36 billion receivables from the European Union funds for certified expenditures, advances and others.