A BGN 74 mln budget deficit registered in October

The budget deficit of the consolidated fiscal programme (CFP) stood at BGN 74.2 mln at the end of October, the Ministry of Finance reported. It is formed from a BGN 477 mln surplus in the national budget and a BGN 551.2 mln deficit of European funds.

At the end of October, revenues amounted to BGN 22.13 bn, or 77% of those planned for 2012. Compared to the same period of last year, the revenues registered a nominal growth of 7.8% (BGN 1.61 bn), mainly due to growth in indirect taxes and non-tax revenues.

The total amount of tax revenues was BGN 17.81 bn at the end of October, or 82.5% of the annual estimates. Revenues from direct taxes exceeded BGN 3.21 bn (83.7% of those planned for the year) and indirect taxes totaled BGN 9.34 bn (82.1% of the planned for 2012).

Proceeds from VAT amounted to BGN 5.82 bn (82% of the planned amount), these from excise duties were BGN 3.39 bn (82.1% of the estimates) and these from customs duties - nearly BGN 100 mln (83.1% of the projected amount). As of October 31, social and health insurance contributions amounted to BGN 4.56 bn, accounting for 82.1% of the estimates for the year.

CFP costs totaled BGN 22.2 bn at the end of October, representing 74.4% of the annual estimates. Compared to the same period of last year, an increase was observed in capital expenditures and social and health insurance payments. The fiscal reserve stood at BGN 6.6 bn as of October 31.

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