Bulgaria's Revenue Agency Takes Aim at Undeclared Revenues from Real Estate Deals

Crime | December 18, 2012, Tuesday // 15:07| Views: | Comments: 0
Bulgaria: Bulgaria's Revenue Agency Takes Aim at Undeclared Revenues from Real Estate Deals Rosen Bachvarov, Spokesperson of the National Revenue Agency, photo by BGNES

Nikolay Petkov, Director of the Risk Management unit at Bulgaria's National Revenue Agency (NRA), has informed that undeclared revenues from real estate deals for the period 2007 – 2010 amount to BGN 675 M.

The revenue authority conducted an analysis of the undeclared revenues by real estate agencies and brokers

According to NRA data on undeclared revenues by real estate agencies and brokers, unpaid taxes for the period 2007 – 2010 amount to a total of BGN 122 M, excluding local taxes and fees, because they are not collected by the NRA.

According to preliminary data for the past two years, undeclared revenues from real estate deals amounted to BGN 103 M in 2011 and will stand at BGN 86 M in 2012.

Bulgaria's revenue authority informs that the number of illegal real estate brokers increased over the past few years.

The NRA identifies 8 out of 10 people working in the sphere as high-risk as regards concealment of revenues and liabilities.

The NRA plans to introduce a range of measures targeting the most high-risk players on the real estate market in 2013.

The measures aim to raise awareness of fraud schemes in the sphere.

The NRA will also conduct a number of revisions and inspections among real estate brokers and agencies.

According to NRA officials, the more active the real estate market is, the smaller the share of fraud schemes.

Following NRA estimates, the number of illegal brokers went up from 799 in 2007 to 1150 in 2011 and 1110 in 2012.

Meanwhile, the share of illegal real estate brokers out of the total increased from a rate of around 22% in 2007 to over 30% in 2012.

According to NRA data, the official number of real estate brokers who operated in Bulgaria in 2012 was 2500, but experts of the revenue authority say that it actually stands at nearly 3600.

Crime » Be a reporter: Write and send your article
Tags: National Revenue Agency, NRA, tax evasion, real estate sector, real estate market
Advertisement
Advertisement
Expats.bg All Are Welcome! Join Now!
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria