Finance Minister: Bulgaria to Overcome Economic Crisis in 9 Months

Business » FINANCE | February 26, 2010, Friday // 20:07| Views: | Comments: 0
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Bulgaria: Finance Minister: Bulgaria to Overcome Economic Crisis in 9 Months Finance Minister Djankov believes the Bulgarian economy will overcome the crisis in several months. Photo by BGNES

Bulgaria is going to overcome the effects of the economic crisis in three stages over the next few months, according to Finance Minister Simeon Djankov.

Speaking in the southern city of Pazardzhik Friday night, Djankov said that in 2-3 months the Bulgarian economy was going to start registering growth. In stage two, which is to be in 4-6 months, the state revenue is expected to go up. In stage three, the Finance Minister expects that in 6-9 months the unemployment will stop rising.

Djankov re-confirmed his intention to work for the decrease of the value-added tax from 20% to 16% in the long run.

He has promised spectacular results from the “Owls” operation conducted by several state institutions in order to crack down on tax evasion. Djankov said Operation “Owls” would continue for two more months in two directions – tackling tax evasion by physical persons, and cracking down on businesses evading the payment of excise taxes and dealing with contraband.

The Finance Minister explained he would evaluate the results that he instituted in the National Revenue Agency no earlier than six months. He pointed out that over 1 000 customs officers had been fired over their incompetence, and promised numerous inspections of casinos and other gambling outlets.

Djankov also expressed readiness to go up to 10 years back in time and inspect the so called “economic files” with tax evasion investigations over various suspicions. His remark was in response to a statement earlier in the week by President Georgi Parvanov.

However, the Finance Minister explained that for this to happen, it would have to be requested by the Parliament first.

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Tags: Simeon Djankov, finance minister, Global Financial Crisis, tax evasion, Owls, NRA, Customs Agency, customs agents
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