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Bulgarians to Declare Loans from Friends, Relatives

Date: 04.12.2009

The new legislative amendments dealing with loans not taken from banks are yet to be approved by the Parliament

Loans worth over BGN 10 000 not taken from banks but friends, relatives and private companies will have to be declared as of next year as part of efforts to fight tax fraud. This is envisaged by new legislative amendments to be approved by the Parliament.

The annual tax declaration will also feature outstanding debts for the last ten years, if they exceed BGN 40 000, the parliamentary budget commission decided.

The same rules will apply to the lenders, who will be obliged to declare sums over BGN 10 000 for the last year and those exceeding BGN 40 000 for the last ten years.

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