Bulgaria: BGN 15,000 Fine for Hiding Incomes Abroad
The amendments to Tax and Social Security Procedure Code passed by the parliamentary committee
Up to BGN 15,000 fine will be imposed for hidden income abroad, envision the amendments to the Tax and Social Security Procedure Code adopted at first reading by Parliament, the Bulgarian National Radio reports. If no tax is paid on them or if it is less than the legal requirement, the penalty will be up to 5 per cent of the non-paid levy, but not more than BGN 15,000.
In case of repeated violation, the fine is doubled to 10%, but not more than BGN 30,000. Penalties shall also be doubled if verification by the revenue agency or public law-enforcement officer is prevented.
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