IMF Concludes Regular Mission in Bulgaria, Recommends Restoring VAT to Pre-Pandemic Levels
The International Monetary Fund (IMF) has wrapped up its regular mission in Bulgaria
August Turnover in Bulgaria Up BGN 1 B Y/Y
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Bulgarian Revenue Agency data shows the August 2010 price of companies' products without VAT (tax base) has been BGN 1.4 B compared to BGN 13.3 B a year ago. File photo
Turnover in Bulgaria is up BGN 1 B in August 2010, compared to the same month in 2009, data of the National Revenue Agency (NRA) shows.
The data comes from the August declarations of businesses registered under the Value Added Tax (VAT), which had a September 14 deadline for submission with NRA.
Data further shows the August 2010 price of companies' products without VAT (tax base) has been BGN 1.4 B compared to BGN 13.3 B a year ago.
NRA say the improved results stem from their regular probes at summer resorts, adding the end of the summer season 2010 is the first in the last three years when there isn't a reduction of the tax base compared to the month of July.
The direct results of revenue agents' probes along the Black Sea Coast are estimated at BGN 4 M declared income that would otherwise be concealed and disciplining effect on the business.
NRA reiterates vows to do similar probes at winter resorts and in restaurants, bars and hotels in the capital Sofia.
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