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In 20 Years Bulgaria Lost BGN 12 B in Taxes

Date: 20.07.2011

Bulgaria’s National Revenue Agency, NRA, is going to collect about BGN 0.5 B less in revenues than what has been planned, NRA Director, Krasimir Stefanov, reports.

Stefanov said the State Treasury is losing BGN 300 M from poorly planned revenues from insurance deposits while 360 large companies conceal profits in order to avoid paying taxes or pay lower taxes.

According to him, a special NRA analysis has shown that in the last 20 years the State failed to collect a total of BGN 12 B over the lack of a unified information system, of coordination between different administrations, dealing with revenues, and problems with legislation.

NRA is to propose legal amendments aiming at halting the increase of tax evasion in the country. The report about fraud with the Value Added Tax (VAT) has been completed and will be sent to Prime Minister, Boyko Borisov, in just days.

1 119 individuals have been convicted of tax crimes in 2010, compared to 400 two years ago.

Regarding reports the Customs Agency might revoke the Lukoil Bulgaria license and close its oil refinery, the NRA Director, pointed out such measure can stir problems since the company provides 25 % of all tax revenues in the country.

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