Bulgarian Revenue Agency Mulls Capping Cash PaymentsBusiness | June 7, 2010, Monday // 17:55| views
Bulgaria's Revenue Agency Director, Krasimir Stefanov, says putting a cap on cash payments will significantly shrink gray economy plaguing the country. Photo by BGNES
Bulgaria's National Revenue Agency (NRA) proposes to cap payments in cash at BGN 5 000 as a measure to fight gray economy in the country.
All deals involving amounts larger than BGN 5 000 will have to me made through bank transactions, the NRA Director, Krasimir Stefanov, says.
Violators will be fined in the amount of half of the sum between the BGN 5 000 cap and the value of the deal, while for repeat offenders the fine will be 100% of this difference.
The bill has be tabled to the Finance Ministry, which is to decide when it will be discussed by the cabinet and the Parliament.
Stefanov believes the measure will help uncover 90% of concealed turnover, saying NRA has information deals in the amount of BGN 10-15 M are paid in cash.
Another NRA measure in the fight against gray economy is connecting retailers' cash registers with the NRA system to be carried out in stages with a 2012 deadline.
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