Bulgarian Revenue Agency Vows Prosecution for Tax Evaders

Finance | October 25, 2010, Monday // 09:24|  views

The Director of Bulgaria's National Revenue Agency, Krasimir Stefanov, promises that cases of large-scale tax evasion will be sent to the Prosecutor. Photo by BGNES

The Bulgarian Revenue Agency (NRA) informs they are currently auditing 10 businesses and 110 business owners on the Black Sea coast.

Until now the checks have discovered discrepancies between property value and declared income for 68 of them with some really striking cases of tax evasion – 11 failed to declare any income in the last 5 years with one of them owning 11 real estate properties and another three – 7 each.

Among night club owners, there is an individual with just one tax declaration between 2005 and 2009 for a total annual income of BGN 511.

After the audits' conclusion, people who have no proof of income will have to pay the full amount of taxes they owe, plus interest and their cases will be referred to the Prosecutor's Office, the NRA Director, Krasimir Stefanov, vowed.

Bulgarian law provides for up to 8 years behind bars for large-scale tax evasion and full or partial property confiscation.

Over the summer, NRA monitored 80 of the most popular night clubs in summer resorts and found, in the course of a month, nearly BGN 4.5 B in hidden profits. Another positive outcome is increased revenues from Value Added tax (VAT).

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Tags: National Revenue Agency, Krasimir Stefanov, tax evasion, Prosecutor's Office, beach resort, Black Sea coast, audit, night club, VAT


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