Bulgarian NRA threatens to close thousands of businesses by October 2011

Bulgarian NRA threatens to close thousands of businesses by October 2011

The National Revenue Agency (NRA) has said that thousands of businesses in Bulgaria risk closure at the beginning of October 2011 if they fail to comply with legislation in force since January this year, Bulgarian media reports said.All cash registers in stores, petrol stations and other establishments were supposed to be wired directly to the NRA, according to a new Finance Ministry measure in force since January 8. The measure aims to tackle the grey economy and tax evasion.Initially, it was petrol stations in Bulgaria which were supposed to comply with the new ruling, while owners of stores and other businesses had until September 30. Petrol stations were facing fines of up to 10 000 leva if discovered to be flouting the regulation. In January, some petrol stations in January that failed to wire themselves directly to the NRA in the designated time-frame decided to stay closed until they resolved the matter. Others were fined or were closed by the authorities.According to the report, to date about 15 000 firms, or 7.5 per cent of the total in Bulgaria, have been electronically linked to the NRA. The remaining 185 000 or thereabouts, however, have not, and have only about three months to do so."I don't intend to frighten anyone, but traders ought to be aware, that if they decide to wait until the end of September before they file an application, it is very likely that there will be an overload in the system. This means we will end up closing down businesses," Krassimir Stefanov, head of the NRA, was quoted as saying by Dnevnik daily."This is exactly what happened with about 400 petrol stations across Bulgaria at the beginning of the year," he added.The average time needed for the kit to be installed, linking the till with the NRA office, requires about an hour-and-a half. If everyone waits until the last moment, it will be physically impossible for all applications to be processed successfully. There are about 231 large companies in Bulgaria with about 49 000 cash registers alone. The remaining 150 000 tills belong to small and medium-sized businesses, the NRA said. (Source: The Sofia Echo)

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