Bulgaria's prosecuting authority will launch probes into 17 tax defaulting companies from the Burgas, Yambol and Sliven municipalities, according to an announcement of the Territorial Directorate of the National Revenue Agency (NRA) in Burgas.

The tax authority reported that each of the firms owed over BGN 1 B to the state budget and their assets were insufficient to secure the debts.

The 17 companies are undergoing bankruptcy proceedings but their owners have not sought options for deferred payments.

They have been reported to the prosecution on suspicions of deliberate bankruptcy filings aimed at avoiding tax liabilities.

Since the beginning of 2011, NRA's Burgas-based unit has collected BGN 130 M in overdue taxes and social security contributions, of which BGN 35 M were liabilities of companies accumulated over the past five years.

At the same time, over 250 companies from the three municipalities have sealed agreements with NRA Burgas for a deferred payment of overdue tax and social security liabilities, thereby avoiding the sale of movable and immovable property and companies' assets through public auctions.

In October, the NRA office in Burgas distrained 62 motor vehicles and 13 people's wages over unpaid taxes.

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