Bulgaria Refunded VAT worth BGN 504.5 M to 8024 Firms in August 2013

The state refunded VAT to the amount of BGN 504.5 M to a total of 8024 companies in August 2013, according to reports of Bulgaria's Finance Ministry based on statistics of the National Revenue Agency (NRA).

A total of 7530 companies, or 94% of the total, received VAT refunds of up to BGN 100 000.

According to mediapol.bg, ? of the VAT refunds in August 2013 went to three companies.

Two companies reported VAT refunds of over BGN 121 M, and one of over BGN 10 M.

In July 2013, when Bulgaria introduced new VAT refund rules, a total of 8555 companies received VAT refunds worth nearly BGN 558 M.

Two big companies reported VAT refunds of over BGN 117 M, and two other firms received VAT refunds of over BGN 21 M, and six companies obtained VAT refunds worth a total of BGN 43.7 M, meaning that 60% of the VAT refunds in July 2013 went to less than 1% of the companies.

In early July 2013, Bulgaria's Finance Ministry issued recommendations to the NRA on boosting the efficiency of the VAT refund process.

The measures stipulated strict observance of the statutory deadlines for VAT refunds, the introduction of a principle of VAT refund by priority order of the VAT returns filed, the preparation of monthly analyses of the structure of the non-refunded VAT and of the reasons behind the non-refund, the introduction of monthly supervision of the VAT refund process and the publication of data on VAT refunds for the respective month on the website of the Finance Ministry.

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