Bulgaria Seeks to Ease Burden on Tax, Social Security Debtors
Bulgarians who have outstanding debts for taxes or social security will now be able to pay the balance first and then the interest accrued on the balance, the government has decided.
The step will stop the accrual of interest and prevents the accumulation of new debts, the government argued as it approved the changed to the Tax Procedure Code on Wednesday.
The government rejected proposals by the business and trade unions to keep separate the social security and health insurance contributions.
Bulgaria’s government has also proposed the introduction of reverse-charge VAT mechanism in grain trade in a bid to curb VAT fraud.
Finance Ministry data shows that large-scale fraud schemes occur most often in the grain trade sector.
Former Bulgarian Finance Minister Simeon Djankov was also a proponent of reverse-charge VAT, but the mechanism was never applied during his term in office.
The move has been made possible due to amendments to the EU VAT Directive.
- » President Radev Demands EU Role As Mediator Between Macedonia Political Parties
- » Varna Airport Reopens In Wake of Suspicious Luggage Alert
- » President Radev: ‘I Shall Insist On Stronger EU Commitment to Republic of Macedonia’
- » Increased Traffic Police Check Points Over the Weekend
- » Sofia Parliament Adopts Declaration For Macedonia
- » President Radev Voices Concern Over Situation in Macedonia