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In 2008, the Sofia NRA Directorate had reinstated VAT to 32 companies that have presented bank guarantees. Photo by Sofia Photo Agency.
Six Sofia companies have submitted fake bank guarantees to the National Revenue Agency (NRA).
The announcement was made by the NRA Director, Krasimir Stefanov.
The boldest fraud was committed by one company, which has requested reinstatement of a tax credit in the amount of BGN 300,000. The legal bank guarantee has been issued in the amount of BGN 280, while the three zeros have been forged later.
Some of the other companies have presented fake documents of VAT registration. NRA-Sofia has refused the tax credit and the cases have been sent to the Prosecutor's Office.
The amended Bulgarian Value Added Tax (VAT) Act provides a possibility to companies who are yet to be audited, to receive the VAT credit owed them by the State, when those companies present guarantees in the form of cash, State bonds or an unconditional and irrevocable bank guarantee.
The amended Act was introduced at the end of 2007 in order to facilitate businesses in receiving the VAT credit due to them, but it became clear recently that the Act has been abused, the NRA Director stated, adding that he ordered a checkup of all bank guarantees presented to NRA Directorates all over the country.
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