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Bulgarian Tax Authorities Discover BGN 1.3 M Undeclared

Date: 06.07.2010

Bulgaria's National Revenue Agency announced Sunday that it discovered that a concert promoter in Bulgaria failed to declare BGN 1.3 M of payments to foreign performers, which resulted in BGN 130 000 lost for the state budget.

Starting the end of 2009 the tax agency started checks of 13 promoter companies, which must pay a 10% revenue tax on royalties for performers. At this point the Revenue Agency states that there are widespread irregularities in the way concert promoters are declaring their revenue and transactions.

Inspectors have already posted an official report to the delinquent company.

No violations of tax rules were reported astaken place during recent large-scale Sofia Rocks festival, part of European traveling Sonisphere festival.

The Revenue Agency is on a large-scale campaign of checking high-profile persons and organizations, such as pop stars, football players and referees and concert promoters.

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