Tax

Prime Minister Victor Ponta said on Monday the most important change he wants to see at the Ministry of Public Finance would be that the institution's employees find solutions for "honest citizens" to stop facing "a true ordeal" when paying their taxes.

Significant increase in taxes collected from rental income was reported by Bulgaria's National Revenue Agency, Nova TV informs.

In 2013, some 115 000 Bulgarians have paid taxes to the state for having tenants. Their income reached nearly BGN 0.5B.

Sofia Municipality reported an increase of BGN 7M in revenue from motor vehicles taxes in 2014, compared to the previous year.

Revenues for the first nine months of 2014 are nearly BGN 347M, which is 65% of the annual plan. Implementation is 21% higher compared to the same period last year, Deputy Mayor for Finance Doncho Barbalov told Bulgaria's National Radio.

Romania's lower chamber of parliament on Tuesday overwhelmingly approved a 5-per-cent cut in the social security tax paid by employers, which the government wants to enforce from October.

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Opening the annual Thessaloniki International Fair (TIF) on Saturday, Prime Minister Antonis Samaras is expected to announce a series of tax breaks as well as a long-term growth plan in a bid to win round austerity-weary citizens and boost the fortunes of his coalition government as the leftist opposition remains intent on forcing early elections.

Bulgaria's GERB party, tipped to win the most votes in next month's election, has said it plans to allow local governments to collect personal income tax of up to 2% if it comes to power.

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Bulgaria's Customs Agency faces a shortfall of BGN 617 M by end-August 2014, according to Customs Agency head Vanyo Tanov.

In a Thursday interview for bTV, Tanov made clear that the deficit had been formed due to the weak excise duty receipts and VAT receipts.

He insisted that the VAT receipts target was very unrealistic.

The Finance Ministry is setting up a task force to identify instances where citizens or enterprises are overtaxed as well as bureaucratic problems and tax obstacles that hamper market operations.

A total of 850 natural persons inspected in the period January-June 2014 committed income tax evasion worth BGN 20M, according to data of Bulgaria's National Revenue Agency (NRA).

All were issued tax assessment notices.

Unless the due sums are paid in two weeks, the money will be collected through enforced recovery proceedings.

Temenuzhka Yankova has been appointed Deputy Executive Director of Bulgaria's National Revenue Agency (NRA) through an order of caretaker Finance Minister Rumen Porozhanov.