Quarter of Sales in Bulgaria Go Unreported

Quarter of Sales in Bulgaria Go Unreported

A quarter of the sales income generated by Bulgarian companies goes unreported and taxes are paid only on the other three quarters, a study conducted by the Bulgarian Industrial Capital Association (BICA) found out.

A similar amount of personal income is concealed by individuals in Bulgaria as well, state-run Bulgarian News Agency reported on Tuesday, citing the results of the BICA's study.

The survey, however, indicated that the grey sector of the economy has shrunk from 42.2% in 2010 to 36.8% in 2012.

While in 2010 the grey sector was most prominent in construction, tourism and health care, in 2012 profit concealment, non-invoicing of transactions, contraband imports and exports, unreported payments and underpayment of social and health insurance contributions were most common in electrical engineering, perfumery, cosmetics and the printing industry.

The rate of employees working without a contract fell from 28.4% in 2010 to 22.2% in 2012.

Previous Next
Test Caption
Test Description goes like this
Cookies Preferences
Choose Type of Cookies You Accept Using

These cookies are required for the website to run and cannot be switched off. Such cookie are only set in response to actions made by you such as language, currency, login session, privacy preferences. You can set your browser to block these cookies but our site may not work then.

These cookies allow us to measure visitors traffic and see traffic sources by collecting information in data sets. They also help us understand which products and actions are more popular than others.

These cookies are usually set by our marketing and advertising partners. They may be used by them to build a profile of your interest and later show you relevant ads. If you do not allow these cookies you will not experience targeted ads for your interests.