The Sofia Court is trying 10 tax evasion cases involving BGN 18 M. Photo by Sofia Photo Agency
Bulgaria's National Revenue Agency (NRA) announced Thursday the first results of their month-long check-up of wealthy real estate, automobile, and yacht owners.
The first audit revealed that an owner of luxury property had perpetrated tax evasion in the amount of BGN 120,000 - a value much exceeding his official income.
The tax audit, as a rule, is initiated when there are reports of serious discrepancies between an individual's life style and declared income. The revenue agents then check income from the past five years.
The above case is going to be sent to the Prosecutor's Office with charges of tax fraud. Large scale tax evasion calls for jail time, according the Bulgarian laws.
In other cases, NRA had discovered that two "Bentley" car owners have given their own loosing businesses loans of BGN 300 000 to purchase the luxury automobiles. Another one explained his "Bentley" ownership with cash loans from 42 friends. The cases are still being verified by the revenue agents.
NRA further announced that properties worth nearly BGN 150,000, belonging to a Sofia businessman, will be sold at public auction so that the State can collect the owed taxes. The said businessman, in order to avoid the confiscation of the properties officially registered to his company, had sold them to himself. The Court per a NRA request had declared the sale invalid.
Currently, in Sofia only, there are 10 similar trials involving a total of BGN 18 M.