Bulgaria's Tax Procedure Code Amendments Pass 1st Reading
Bulgarian lawmakers passed at first reading amendments to the Taxation and Social Security Procedure Code, Monday.
Under the amendments, tax payers will determine for themselves which liability to pay off first in case they cannot afford to settle all liabilities, Bulgaria's parliamentary website informed.
The changes to the Taxation and Social Security Procedure Code followed the finding of Bulgaria's Constitutional Court that the single account for paying taxes and mandatory social security contributions was unconstitutional.
The amendments regulate the payments distribution of relevant kind of public liabilities. The payments will settle the liability, the deadline of which is closest to the moment of payment. In case two or more public liabilities of the same kind are due on the same date, they will be paid off proportionately.
The electronic access to tax and insurance accounts will be preserved, providing the option to check payments status at all times.
- » Piraeus 'in Talks' with NBG Group to Merge into Bulgaria's UBB
- » Bulgaria Turns to Budget Surplus of 1.1% of GDP at End-June
- » Bulgaria C-Bank to Unveil Supervision Boosting Measures by End-September
- » Amendments to Bulgaria’s Bank Insolvency Act Pass 2nd Reading in Parliament
- » Bulgaria's Parliament Endorses Proposed C-Bank Deputy Governors
- » Bulgaria MPs to Vote on Appointment of C-Bank Deputy Governors
Once more, the country goes backwards. Not paying liabilities to the authorities should be criminalized (like it is in most countries), and eventually lead to a personal or corporate bankruptcy. Only a judge can give temporary protection.
What is the use of keeping sick companies alive? Let others do better!