Fri, May 25 2012

Bulgaria's Government may increase penalties for unpaid taxes

Thu, Sep 17 2009 09:05 CET

byDnevnik.bg

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Bulgaria's Government may increase penalties for unpaid taxes

Photo: Julia Lazarova

The Bulgarian Government is considering doubling the penalty interest imposed for overdue tax payments, Cabinet sources said.

Currently, firms and individuals that lag behind with tax payments are charged an interest of the base rate plus 10 per cent, which if the proposal is approved, would increase to 20 per cent.

Businesses supported the idea that the state should punish late payers, but said that interest should be also be paid on unauthorised retention of money in the Budget.

They called for interest to be paid to companies that have been found clean of fraud by tax revisions for the period from the probe until reimbursement of the value-added tax (VAT) credit.


Source: Dnevnik.bg

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