The incomes of migrant workers to be hit

The complete information on the incomes of Bulgarians working abroad will be forwarded automatically to the National Revenue Agency, says the draft amendments to the Tax-Insurance Procedure Code.

It recorded changes that affect the automatic exchange of information between revenue agencies of all EU countries. According to the texts home employers will have to inform the NRA for income paid to foreigners (EU citizens) working in the country. Automatic exchange of information is mandatory for all EU countries, which means that non- profit agencies will be sent to their native NRA same data on the incomes of Bulgarians working in their countries.

Such information will need to provide companies and prople who pay wages, pension companies and insurance companies. In the latter case will necessarily have to be transmitted only paid on "Life".

If the payer of the income is not a company or self-employed person, the foreigner will have to declare the amount of income to local tax. Addition to the revenue administration will enter data and the income from the sale or exchange of property of foreigners.

Deadlines for providing information to the tax agency will be 30th of April of the year following that in which the income was paid. There are also penalties if companies do not provide the required information - penalty in the amount of 250 levs for each worker. In case of repeated violation the fine jumps to 500 levs . So actually the NRA will have data received salaries, pensions and insurance benefits abroad.

As is known, if Bulgarians working in another EU country less than 6 months, they will have to pay their taxes in Bulgaria. Last but not least, the texts provide for delegation of the head of the NRA to request information about foreign entities that fall within the sphere of banking secrecy. This will happen after a special request from the competent authorities of the EU countries.


24.09.2013, Economy