Bulgaria Refunded VAT Worth BGN 1,055 B to Businesses in Nov, Dec 2013

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Bulgaria: Bulgaria Refunded VAT Worth BGN 1,055 B to Businesses in Nov, Dec 2013 Bulgaria's Finance Ministry HQ, photo by BGNES

The state refunded almost BGN 1.055 billion of VAT to businesses in November and December 2013, according to statistics of Bulgaria's Finance Ministry.

The VAT refunded in the last quarter of 2013 amounted to over BGN 1.587 billion, and the largest share was of companies which recovered sums of BGN 1 – 100 000.

In December 2013, a total of 6918 companies received VAT worth BGN 542 million, up by BGN 300 million compared to the VAT refunded in December 2012, which stood at slightly over BGN 239 million.

In November 2013, a total of 7176 companies were paid VAT worth BGN 512.9 million, with 6692 companies, or 93% of the total, receiving amounts of up to BGN 100 000.

In December 2013, the trend was similar, with 6456 companies (again around 93% of the total) receiving VAT of up to BGN 100 000.

As regards VAT refunds to big companies, VAT worth BGN 120 M was paid to two firms in November 2013.

In December 2013, five companies were paid VAT worth a total of BGN 192,2 million.

The total VAT owed to companies, excluding the amounts subject to on-going audits, was refunded at the end of 2013.

As a result, for the first time in recent years, the state refunded all the due VAT and started 2014 with VAT payments resulting from ordinary economic activity and not with the settlement of deferred liabilities that deprive businesses of liquidity.

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