Tax
New push to fight tax evasion, smuggling
The Finance Ministry and the Independent Authority for Public Revenue (AADE) are rolling out two new oversight mechanisms in a bid to intensify the crackdown on tax evasion, smuggling, and noncompliance by wealthy taxpayers.
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Fitch flags concerns over US fiscal policy challenges
The United States is facing "significant" tax-and-spend challenges this year that are unlikely to be swiftly resolved by Congress, the ratings agency Fitch has said, flagging a recent "deterioration" in governance.
Bulgarian Winter Resort Businesses Failing to Issue Proper Receipts, Tax Inspectors Find
During recent inspections in Bulgaria's winter resorts, tax authorities uncovered several establishments failing to issue proper sales receipts.
Tax inspections yield record-breaking 120 bln liras in 2024
The Treasury and Finance Ministry's tax audit units achieved a record-breaking collection of 120 billion Turkish Liras (nearly $3.4 billion) last year during their inspections, local media said on Jan. 5.
Bulgaria Tightens Controls on Risky Goods Following Schengen Entry
The National Revenue Agency (NRA) has announced measures to strengthen control over goods with high fiscal risk in Bulgaria following the country's entry into the land Schengen area. These efforts are focused on items such as fast-moving food products and fuels, which are frequently associated with tax evasion.
From Today: VAT on Bread, Flour, and Restaurant Services Restored to 20% in Bulgaria
As of today, the VAT rate on bread, flour, and restaurant services has been restored to 20%. The lower rates, which had been reduced as part of anti-crisis measures during the COVID-19 pandemic, had been in effect for several consecutive years. These tax breaks were initially introduced to alleviate the impact of the pandemic but expired at the end of 2024.
Tax changes bolster incomes
A batch of new measures go into effects in January seeks to reduce the tax burden on citizens. It includes several breaks, which can be summarized as follows:
- Freelancers. Tax burdens for many freelancers are slashed.
- Business fee. Those paid with invoices ("blokaki") will have a tax benefit of €400-500 from the abolition of the business fee.
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Road tax payment deadline fast approaching
The deadline for the payment of the 2025 road is expiring next Tuesday, with the Ministry of National Economy and Finance saying that no extension will be granted. Those who wish to put their vehicles out of circulation can submit the plates through an online process by January 31.
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China says to raise deficit, boost spending next year
China will raise its deficit in order to boost spending next year, its finance minister said, according to state media, as Beijing looks to prop up its struggling economy.
The world's second-largest economy has for years battled sluggish domestic consumption, a persistent crisis in the property sector, and soaring government debt.
Tax errors now automatically correctable
Greek taxpayers burdened by erroneous tax assessments can now expect refunds and waivers through a groundbreaking automated process introduced by the Independent Authority for Public Revenue (AADE).
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