Bulgarian Revenue Agency Recovers over BGN 1 B in Late Tax

Bulgaria's National Revenue Agency manged to increase the much needed revenue collection in the first half of the year. File photo

The Bulgarian National Revenue Agency (NRA) collected in the first half of the year BGN 1.2 B in late taxes, the Agency informs Tuesday.

Of them, nearly half million came from overdue insurance contributions, and the remaining BGN 730 M are late tax obligations including half million in Value Added Tax (VAT).

In addition, tax collection is up BNG 90 M during the second quarter of 2010, compared to the first one – BGN 527 M and BGN 664 M respectively.

The collection of corporate tax is up 10 times during the second quarter of 2010, compared to January – March – BGN 110 M in April – June, compared to BGN 19 M in corporate tax in the first quarter.

NRA say the progress is due not only to measures of compulsion, but the institution acting as a partner towards business that experience temporary financial difficulties. One example is NRA giving permission to companies with frozen bank accounts to make emergency payments to subcontractors in order to avoid bankruptcy.

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