The size of the fiscal reserve as of January 31 is BGN 6.6 billion –

/ world today news/ The size of the fiscal reserve as of January 31 is BGN 6.6 billion, including BGN 4.4 billion in deposits with the BNB and banks and BGN 2.2 billion in receivables from the funds of the European Union for certified expenses, advances and others, announced the press center of the Ministry of Finance.

In accordance with §1, item 41 of the Additional Provisions of the Law on Public Finances, the scope of the fiscal reserve has been changed, including claims from the European Union funds for certified expenses, advances and others, writes “Focus”.

The budget balance under the consolidated fiscal program on a cash basis for January 2014 is negative in the amount of BGN 373.3 million, which is formed by a deficit in the national budget in the amount of BGN 158.1 million and a deficit in European funds in the amount of BGN 215.1 million and marked an improvement of BGN 163.2 million compared to the same period of 2013. For comparison, the deficit under the consolidated fiscal program for January 2013 amounted to 536.5 million BGN, formed by a deficit under the national budget in the amount of 456.9 million BGN and a deficit under European funds – 79.6 million leva.

The received revenues and benefits of the consolidated fiscal program for the month of January are in the amount of BGN 2,071.0 million, or 6.7% of the annual estimates for 2014. Compared to January 2013, the revenues under the CFP increased by BGN 283.1 million (15.8%), with the growth being mainly accounted for by tax revenues.

The total amount of tax receipts (including income from insurance contributions) at the end of January amounted to BGN 1,795.6 million, which is 86.7% of the total receipts under the CFP. Compared to January 2013, tax revenues increased nominally by BGN 290.9 million (19.3%).

The revenues in the part of direct taxes are BGN 255.5 million, which is 5.9% of the planned for the year and increased by 51.5% compared to the same period last year. Revenues from indirect taxes amount to BGN 1,007.2 million, which is 7.9% of the program for the year, including from VAT – BGN 652.2 million, or 7.9%; from excise taxes – BGN 341.0 million, or 7.8%; from customs – BGN 12.2 million, or 8.9 percent. Compared to January 2013, indirect taxes increased by 13.8 percent. Revenues from other taxes (including property taxes and other taxes under ZKPO) amount to BGN 43.4 million, or 4.8% of the annual budget. The income from social security and health contributions for January was BGN 489.5 million, which represents 7.8% of the calculated for the year.

Non-tax revenues and benefits are in the amount of BGN 275.4 million or 4.1% of the estimates for the year.

Expenditures under the consolidated fiscal program (including the contribution of the Republic of Bulgaria to the EU budget) as of 31.01.2014 amount to BGN 2,444.2 million, which is 7.5% of the annual estimate. Non-interest expenses amount to BGN 2,219.1 million and increase by BGN 278.4 million compared to January 2013, with the highest increase – BGN 207.6 million, related to co-financed programs with European funds. Interest payments amount to BGN 138.7 million (20.7% of those planned for 2014), being BGN 154.8 million lower than in January 2013.

The part of the contribution of the Republic of Bulgaria to the EU budget, paid in January 2014 from the central budget, amounts to BGN 86.5 million, which is in accordance with Regulation (EC, EURATOM) 1150/2000 of the Council of the EU of 22 May 2000 for the implementation of Decision 94/728/EC, Euratom on the system of the Communities’ own resources.