The Bulgarian Parliament Reduced the Amount of Cash Payments to BGN 5,000.

Business » FINANCE | November 24, 2023, Friday // 18:27
Bulgaria: The Bulgarian Parliament Reduced the Amount of Cash Payments to BGN 5,000.

The Parliament has endorsed key amendments in the tax insurance procedural code, notably slashing the cash payment threshold from BGN 10,000 to BGN 5,000. Additionally, the legislation introduces a "denunciation bonus" offering a 10% reward for informing the National Revenue Agency (NRA) on undisclosed taxes.

The revised code demands that informants provide specific undisclosed facts leading to the collection of over BGN 100,000 in taxes, insurance contributions, and interest. The informant should not be associated with revenue, customs administration, or relevant state departments.

Another significant addition is the requirement for restaurant sector employers in higher-rated establishments to pay employees via bank transfer and equip themselves with POS terminals.

However, "There Is Such a People" (TISP) and "Vazrazhdane" parties expressed opposition, alleging these revisions favor banking interests. They aim to propose an inflation-adjusted threshold increase to BGN 15,000.

Furthermore, MPs backed changes in the Law on Local Taxes and Fees permitting municipalities to update tax assessments. Critics fear this may hike taxes indiscriminately. Notably, discussions involved concerns that this might burden many individuals and, in retaliation, reduce subsidies for municipalities.

The amendment was initiated by the association of municipalities to update tax assessments based on market values, albeit without an outright increase in taxes.

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Tags: parliament, tax, cash

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