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Bulgaria Revenue Agency Owes Millions in VAT Refunds

Business | March 31, 2009, Tuesday // 19:36

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Bulgaria: Bulgaria Revenue Agency Owes Millions in VAT Refunds

Bulgaria's National Revenue Agency owes Bulgarian businesses over BGN half billion in VAT refunds. Photo by BGNES.

Bulgaria's National Revenue Agency (NRA) failed to refund businesses BGN 562 M in VAT.

The amount of overdue Value Added Tax (VAT) was estimated as of the end of February 2009. In comparison, this amount was only BGN 268 M at the end of 2007.

The information was reported for Darik radio by the NRA spokesperson, Rosen Bachvarov.

Bachvarov did, however, point out that the picture was not as bleack as it looked, judging only by the numbers. The spokesperson listed four reasons for the drastic increase in overdue VAT: a 30% increase of the total VAT income in 2008, significant increase in the number of requests for VAT refunds for large amounts, the required thorough audits of the companies instead of a quick check-up procedure, and the significant increase in the number of Bulgarian companies with VAT registration.

Bachvarov stated that the appointment of the new NRA Director was "good news" for those awaiting VAT refunds, because the issue was a priority to him, adding all local NRA offices were ordered to move quickly to resolve the problem.