Jail Looms for Bulgarian Resort Owners over Tax Evasion

Business » FINANCE | August 23, 2010, Monday // 09:38
Jail Looms for Bulgarian Resort Owners over Tax Evasion: Jail Looms for Bulgarian Resort Owners over Tax Evasion Bulgaria's tax agents will monitor all merchants on the entire Black Sea coast for attempts of tax evasion. File photo

The owners of a company, managing several establishments in the Bulgarian beach resort of Lozenets, are probed by the prosecutor over charges of large-scale tax evasion.

The news was reported by the Bulgarian National Revenue Agency (NRA). The Penal Code provides for up to eight years behind bars for a similar crime.

During a joint operation between NRA and the police from the southern Black Sea city of Burgas late Sunday, the authorities seized computers and cash registers and found out that since the beginning of the summer season the company failed to report in taxes close to BGN 200 000.

NRA informs the business will be forcefully registered with a back date to pay double the concealed amount in Value Added Tax (VAT), plus a fine, while the entire venture and all of its owners will be audited.

The NRA Director, Krasimir Stefanov, is quoted saying he hopes for effective jail sentences to serve as an example to other owners along the Black Sea coast.

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Tags: NRA, Revenue Agency, revenues, tax evasion, beach resort, night club, Krasimir Stefanov, Lozenets

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