Bulgarian Revenue Agents Hit Black Sea Coast with Warning

Business » FINANCE | August 13, 2010, Friday // 16:58
Bulgarian Revenue Agents Hit Black Sea Coast with Warning: Bulgarian Revenue Agents Hit Black Sea Coast with Warning Bulgaria's tax agents will monitor all merchants on the entire Black Sea coast for attempts of tax evasion. File photo

The Bulgarian National Revenue Agency (NRA) is launching overnight mass tax probes on the entire Black Sea coast, the agency announced Friday.

Hundreds of tax agents, including some from inside the country, will monitor hotels, restaurants, night clubs, and shops for hidden revenues. They will be in the beach resorts of “Albena,” “Golden Sands,” “Sunny Beach,” and “The Spirit of Burgas” festival. In addition to the largest resorts, probes will be conducted in smaller coastal towns in order to find profits believed to be concealed by owners until now. NRA will also check wages and insurance benefits of employees.

A risk analysis carried out by tax experts revealed that 88% of night clubs in the country conceal their profits, leading to damages of BGN 12 M for the State budget. The main scams used involve not accounting for profits at all or tempering with cash registers.

The probe at the “Sunny Beach” resort from the past weekend found out BGN 300 000 were concealed in just one night while a surprise visit to 4 of its largest night club revealed that BGN 7 000 out of every BGN 10 000 never get declared and taxed.

NRA inform they will continue to monitor all merchants throughout the entire summer season while the owners of the largest night clubs will be audited. They further say owners will be taxed for years back based on information collected this season.

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Tags: NRA, Revenue Agency, revenues, tax evasion, beach resort, night club
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