Online inspections instead of higher VAT rates

lili_hris@abv.bg

Instead of raising the VAT registration threshold for Bulgarian companies, all cross audit inspections of the National Revenue Agency could be conducted online. This is the proposal of the Bulgarian Industrial Association in response to the idea for a double and even triple increase in the VAT registration threshold as a fraud prevention measure.

The latter suggestion was initiated by the Head of the NRA in a recent interview for Trud daily. According to Kolev, the cardinal measure requires all companies to be registered for VAT and to be subject to monitoring. However, it is clear that this cannot happen under the current administrative capacity of the tax institution. If your business is not VAT registered, it is impossible that you commit a tax fraud, stated Kolev. In his words, the number of the VAT registered companies will decline by 50%, if the Parliament adopts the proposal that they generate the minimum of BGN 100,000 -150,000 turnover per year.

NRA made a proposal to the Parliamentary Committee on Budget and Finance that the current minimum turnover of BGN 50,000 required by the companies for the compulsory VAT registration be increased to BGN 100,000, or even to BGN 150,000. The legislative measures can be considered and adopted by the National Assembly only after authorisation by the European Commission, indicated NRA Spokesman, Rossen Bachvarov. According to BIA, the active companies operating currently in our country are about 320,000, while according to the data of the tax department, there are 200,000 VAT registered companies.

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