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.

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