Unrefunded VAT to Bulgarian Companies at BGN 113.6 M by end-May

Business » FINANCE | July 6, 2015, Monday // 11:52| Views: | Comments: 0
Bulgaria: Unrefunded VAT to Bulgarian Companies at BGN 113.6 M by end-May Bulgaria's Finance Ministry HQ, photo by BGNES

By May 31, 2015 the state owed BGN 113.6 M in unrefunded value-added tax (VAT) to companies, according to data presented by Bulgaria’s Finance Minister Vladislav Goranov in a written response to a question addressed to him.

“The unrecovered tax credit is owed to persons undergoing tax inspection procedures and they are to recover the tax after the completion of the procedures,” Goranov stated, assuring that the National Revenue Agency strictly adhered to the VAT recovery deadlines.

By end-May 2015 ministries and municipalities owed BGN 337.6 M, according to Finance Ministry data.

Bulgaria’s Defense Ministry reported the largest amount of debt, at BGN 107.6 M, including BGN 106.8 M generated by the debts of the Military Medical Academy, Interior Ministry had debts of BGN 39.5 M and the Bulgarian National Television had debts of BGN 11.9 M.

State-owned universities had debts totaling BN 8.4 M.

The Justice Ministry had outstanding debts of BGN 5.9 M, while the Sports Ministry reported debts of BGN 2.3 M.

Debts of Bulgarian municipalities amounted to a total of BGN 149.2 M, the largest debtors being the Sliven Municipality with BGN 13.8 M, the Kardzhali Municipality with BGN 13.5 M, the Velingrad Municipality with BGN 9.1 M, the Pernik Municipality with BGN 9.1 M, and the Vidin Municipality with BGN 6.3 M.

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Tags: finance minister, Vladislav Goranov, VAT, value-added tax
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