Bulgaria’s Economy Minister Calls for VAT Registration Threshold Hike to BGN 100 000

Business | July 7, 2015, Tuesday // 16:00
Bulgaria: Bulgaria’s Economy Minister Calls for VAT Registration Threshold Hike to BGN 100 000 Bulgaria's Economy Minister Bozhidar Lukarski, photo by BGNES

Bulgaria’s Economy Minister Bozhidar Lukarski has argued that VAT registration rules need to change, with theVAT registration threshold increasing from BGN 50 000 to BGN 100 000.

Speaking during a visit to Varna, he noted that EU law even provided the opportunity for a threshold of EUR 100 000.

Lukarski informed that the proposal of the Economy Ministry for the measure was backed by the Reformist Bloc.

He claimed that increasing the VAT registration threshold would shed light on the actual turnover figures of a major share of the small and medium-sized companies in the country.

Lukarski admitted that there were points of disagreement with the Finance Ministry regarding the step.

He said that the changes could be in force by end-2015, provided that agreement was reached on the matter.

Bulgaria’s Economy Minister, as cited by econ.bg, stated that the proposal for increasing the VAT registration threshold was also backed by a number of entrepreneurs.

He reminded that business representatives sought a reduction of the administrative burden as a whole.

Lukarski admitted that neglecting maritime business had been a weak point in the work of the Economy Ministry.

He suggested that Bulgaria needed a strategy on the development of the maritime economy and vowed to take steps towards its drafting together with Transport Minister Ivaylo Moskovski.

Lukarski also reminded that a new Public-Private Partnership Act was being drafted.

He said that he would push for the adoption of a law regulating brokering activities.

During the meeting in Varna it also emerged that business representatives had complained of the unclear provisions of the Public Procurement Act on the grounds that it opened the door to corruption.

Lukarski said that the new Public Procurement Act was ready and that it would introduce more transparent procedures, including through the introduction of electronic auctions.

 

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Tags: bozhidar lukarski, Economy Minister, VAT Act, VAT, Public Procurement Act, Public-Private Partnership Act
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