Stricter VAT controls for Bulgaria
Wednesday November 25, 2009
Bulgaria has announced plans to implement stricter controls over the refund of VAT.
The country’s National Revenue Agency (NRA) said in light of the number of fraud attempts rising during the first six months of 2009, it will implement more stringent regulations for indirect tax refunds, reports the Sofia Echo.
All VAT refund claims will be checked thoroughly but vetting will be completed as quickly as possible so there will not be any delays for companies that comply with the proper regulations.
Krassimir Stefanov, head of the NRA, conceded that because there are 200,000 firms registered to pay VAT in the country, it is becoming increasingly difficult to make sure every company is properly adhering to VAT guidelines.
According to tax audits for the first half of the year, Bulgarian firms owed around 748 million levs (382.4 million euros) in undeclared VAT – three times the amount registered in the first half of 2008.
Bulgaria’s finance ministry recently announced plans to raise excise duties on hard liquor and cigarettes. 