VAT Fraud Robs Bulgaria's State Budget of BGN 2B Annually
Bulgaria's state budget loses BGN 2B annually due to VAT fraud, according to data of the Economic Research Institute with the Bulgarian Academy of Sciences.
Taking into account the uncollected excise duty, losses swell up to BGN 4B per year, the Director of the Institute Prof. Mitko Dimitrov said, cited by Cross news agency.
"There is a sudden increase in fraud, particularly with the onset of the crisis. There is a clear upward trend of uncollected VAT as a result of tax evasion," Dimitrov explained.
According to him, the share of gray economy has remained very high - between 35% - 40% over a long period of time.
60 percent of businesses stated that VAT collection is avoided by corruption and fictitious cash flows of fictitious companies.
- » IMF Chief: Clouds over Global Economy are 'Getting Darker by the Day'
- » The IMF Provides a $ 50 Billion Loan to Argentina
- » Erdogan Claims Turkish Lira’s Loss in Value a Manipulation against Turkey
- » Every third Bulgarian has had Outstanding Loans, According to Eurostat
- » EC Predicts 3.8% Growth in Bulgaria in 2018
- » The Debt of Bulgaria for 2017 Amounts to BGN 25,064 Million