Grey Economy in Bulgaria Decreased in 2013 – Deputy FinMin

Business | June 24, 2014, Tuesday // 13:34| Views: | Comments: 0
  • Send to Kindle
Bulgaria: Grey Economy in Bulgaria Decreased in 2013 – Deputy FinMin Bulgaria's Deputy Finance Minister Lyudmila Petkova, photo by BGNES

The grey economy in Bulgaria decreased in 2013, according to Deputy Finance Minister Lyudmila Petkova.

Petkova, chair of the public council on the restriction and prevention of informal economy, and Vasil Velev, Chair of the Bulgarian Industrial Capital Association, presented Tuesday the results of a project titled "Restriction and Prevention of Informal Economy" under the "Human Resources Development" operational program.

One of the main goals of the project is to calculate a composite index "Bringing grey economy into the light" on an annual basis as of 2010.

The abovementioned index increased in 2013, meaning that the share of the grey economy decreased, according to reports of

"In the first five months of 2014, the collection of excise duty on tobacco products and alcohol improved," Petkova boasted.

She noted, however, that VAT collection was still unsatisfactory, which had caused the government to focus efforts on a reverse-charge mechanism.

Business » Be a reporter: Write and send your article
Tags: Deputy Finance Minister Lyudmila Petkova, grey economy, Bulgarian Industrial Capital Association, BICA, Vasil Velev
Advertisement All Are Welcome! Join Now!
Please, log in to post a comment.
» To the forumComments (0)
Bulgaria news (Sofia News Agency - 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." (Sofia News Agency - 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