Turnovers in Bulgaria Rise by Lv 1,000 Mln-Plus in August

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Turnovers in Bulgaria Rise by Lv 1,000 Mln-Plus in August

Turnovers in Bulgaria increased by more than 1,000 million leva in August, year on year, the National Revenue Agency (NRA) said.

According to the VAT returns for August 2010 that companies had to submit to the NRA until September 14, the taxable amount of VAT taxable supplies in August 2010 totalled 14,400 million leva, up from 13,300 million leva a year earlier.

Moreover, August was the only month this year with a larger VAT taxable amount than in 2009. The NRA assume that this was due mainly to the Agency's summer crackdown on seaside establishments and its disciplining effect on business. In 2008 and 2009, the monthly taxable amount for August invariably declined compared to July. For the first time this year, August turnovers did not contract, month on month.

As a direct fiscal effect of the seaside crackdown, more than 4 million leva came to light, and the inspections had a disciplining effect, triggering a chain reaction of reporting the actual commercial turnover, the NRA said. The NRA inspections increased the turnovers not only of the establishments subjected to direct control but of their suppliers as well.

The NRA said that similar checks are forthcoming at the winter resorts and at establishments in Sofia.

Source: BTA

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