Sofia to Speed Up Creation of Receivables Collection Agency

Business | January 17, 2003, Friday // 00:00

The focus of the tax reform in 2003 will be the launch of the State Receivables Collection Agency to help tax administration manage corporate taxpayers and deal with default payments. Bulgaria's Finance Minister Milen Velchev said that in the Parliament on Friday noting that the Cabinet would speed up the eastblishment to the tax watchdog. It has already drown up a program aimed to boost tax collection. Bulgaria is also to introduce monitoring and analysis of liabilities to facilitate the collection of overdue payments.

The new amendments to the Code of Taxation Procedure envisage that the receivables collection agency will be able to take away the foreign passports of people who owe taxes, fees and insurances of over BGN 3,000. The sanction will be imposed on foreigners no matter the amount of their debt.
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