Bulgaria Revenue Agency to Strictly Control VAT Returning

Business » FINANCE | August 13, 2009, Thursday // 15:15
Bulgaria Bulgaria Revenue Agency to Strictly Control VAT Returning: Bulgaria Revenue Agency to Strictly Control VAT Returning In July, the amount of VAT that was not returned after tax inspectors' check-ups decreased by more than BGN 105 M, NAP explained. File photo

The Bulgarian State Revenue Agency (NAP) will control more strictly the returning of the Value Added Tax (VAT) to companies.

In this way the agency aims to limit the frauds, but states that the new procedure will not delay payments.

Until now, the returning of VAT was inspected by the regional offices of the agency. Prom now one, bigger sums will be approved only by a Deputy Director.

A software product which will register and follow all the requests for VAT returning will be created, the Revenue Agency informed.

The new measures will be part of the resposibilities of the new Deputy Director, Toshko Todorov, Bulgaria Finance Minister and Deputy Prime Minister, Simeon Djankov announced.

The more tight control, however, will not make the procedure slower. On the contrary, the agency aims to optimize the procedure's speed.

One of the demands of Bulgaria's business before the elections was the VAT returning speed to be boosted. In April 2009 it turned out that NAP has not returned in the legal deadlines over BGN 600 M to companies, and this is a significant financial resource in the time of a global economic crisis.

In July, the amount of VAT that was not returned after tax inspectors' check-ups decreased by more than BGN 105 M, NAP explained.

 

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Tags: State Revenue Agency, VAT

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