EU Commission Urges Bulgaria to Improve Tax Collection, Banking Supervision

EU Commission Urges Bulgaria to Improve Tax Collection, Banking Supervision

The European Commission said on Wednesday it has recommended to Bulgaria to improve tax collection and ensure stability in the banking sector through effective supervision, in compliance with the Stability and Growth Pact in 2019 and 2020. Bulgaria should improve tax collection in areas such as fuel trading and labour activities by undertaking additional targeted measures in order to reduce the still large share of shadow economy in the country, the Commission said in country-specific recommendations, part of the European Semester 2019 Spring Package."Tax collection does not seem to be improving everywhere at the same pace. This is particularly the case for labour-related taxes and social security contributions and in some categories of excise taxes. There is also evidence that undeclared work and illicit trade in fuels remain a challenge," the Commission said.According to the Commission, Bulgaria needs to improve banking and non-banking supervision and work on the successful enforcement of the Anti-Money Laundering framework. In order to achieve stability in the banking sector, Bulgaria must also promote adequate valuation of assets, including bank collateral as well as a functioning secondary market for non-performing loans.

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