VAT Fraud Robs Bulgaria's State Budget of BGN 2B Annually
Bulgaria's state budget loses BGN 2B annually due to VAT fraud, according to data of the Economic Research Institute with the Bulgarian Academy of Sciences.
Taking into account the uncollected excise duty, losses swell up to BGN 4B per year, the Director of the Institute Prof. Mitko Dimitrov said, cited by Cross news agency.
"There is a sudden increase in fraud, particularly with the onset of the crisis. There is a clear upward trend of uncollected VAT as a result of tax evasion," Dimitrov explained.
According to him, the share of gray economy has remained very high - between 35% - 40% over a long period of time.
60 percent of businesses stated that VAT collection is avoided by corruption and fictitious cash flows of fictitious companies.
- » BSE: Six New Companies Join SEE Link Indices
- » Airplane Tickets Prices Up by 28.6% in December
- » Bulgaria's Stock Exchange Reports BGN 5 M More in Turnover for 2016
- » Debt of 12 Bulgarian Municipalities Increases by 500%
- » Bulgarian C-Bank Data on FDI 'Incorrect', Investment Agency Head Says
- » BNB Introduces Register of Bank Accounts, Safes