Bulgaria’s Economy Minister Calls for VAT Registration Threshold Hike to 100 000 Levs
Wednesday, 08 July 2015
Bulgaria’s Economy Minister Bozhidar Lukarski has argued that VAT registration rules need to change, with theVAT registration threshold increasing from 50 000 levs to 100 000 levs.
Speaking during a visit to Varna, he noted that EU law even provided the opportunity for a threshold of 100 000 euros.
Lukarski informed that the proposal of the Economy Ministry for the measure was backed by the Reformist Bloc.
He claimed that increasing the VAT registration threshold would shed light on the actual turnover figures of a major share of the small and medium-sized companies in the country.
Lukarski admitted that there were points of disagreement with the Finance Ministry regarding the step.
He said that the changes could be in force by end-2015, provided that agreement was reached on the matter.
Bulgaria’s Economy Minister, as cited by econ.bg, stated that the proposal for increasing the VAT registration threshold was also backed by a number of entrepreneurs.
He reminded that business representatives sought a reduction of the administrative burden as a whole.