Bulgaria Paid Back 80% of Late VAT Refunds

The state has already paid back 80% of the value added tax (VAT) refunds owed to the business sector, according to Bulgaria's Defense Minister Angel Naydenov.
Naydenov, as as cited by the Bulgarian Telegraph Agency (BTA), made clear Monday that over BGN 500 M out of a total of BGN 770 M in outstanding VAT returns had already been paid back to businesses.
He went on to say that another BGN 160 M under contracts for performance of work would be paid back after the budget revision scheduled to pass second reading in Parliament by the end of the week.
Naydenov reminded that a large share of the debts had been run up by the the Defense Ministry, adding that the Military Medical Academy in Sofia had BGN 55 M in outstanding debts, with notary invitations and writs of execution issued for BGN 28 M of the total.
A few weeks ago, Bulgarian Prime Minister Plamen Oresharski informed that the amount of un-refunded VAT stood at BGN 776 M by June 30.
Citing data of the previous government that delayed VAT refunds amounted to BGN 250 M, he noted that the Prime Minister had referred to the sum as "an acceptable level."
Oresharski insisted that the actual amount of delayed VAT refunds had become clear a few months later.
The amount of late VAT refunds was one of the reasons which caused Bulgaria's current socialist-led government to demand an update of Budget 2013.
In his Monday statement, Naydenov also informed that the Cabinet would adopt a program of measures for its full term in office at the July 31 government sitting.
He added that the government would use the program to draft a plan for concrete actions over the next six months.

Source: http://www.novinite.com

30.07.2013, ABOUT BULGARIA