НОВИНИ

BULGARIAN PARLIAMENT ADOPTS CHANGES TO THE VAT ACT REGARDING TRADE IN LIQUID FUELS

On 29th of June, Bulgaria’s Parliament adopted at first reading a new mechanism to fight against VAT frauds in the trade in liquid fuels. The MPs approved amendments to the VAT Act, which propose a mechanism where traders in liquid fuels will be required...

bulgarian parliament adopts changes vat act regarding trade liquid fuels
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от БНТ
19:30, 29.06.2016
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On 29th of June, Bulgaria’s Parliament adopted at first reading a new mechanism to fight against VAT frauds in the trade in liquid fuels. The MPs approved amendments to the VAT Act, which propose a mechanism where traders in liquid fuels will be required to provide a collateral in cash, government securities or unconditional and irrevocable bank guarantee for a period of one year to the competent territorial office of the National Revenue Agency.

The rules shall apply to traders in liquid fuel, which are risky (the riskiest are considered depositors in tax warehouses – 66,3% from them are identified as such), as well as entities which are intermediaries in the trade in liquid fuels, the Council of Ministers, which tabled the proposals says.

The requirement for the payment of a collateral will become applicable when a taxable person makes taxable liquid fuel deliveries worth over 25,000 BGN or an intra-community acquisition of liquid fuel for over 25,000 BGN or when receiving released for consumption liquid fuels under art. 20 of the Law on Excises and Tax Warehouses at the value of 25,000 BGN.

The amount of the collateral will be 20% of the tax base of the taxable deliveries, the acquisitions or the value of liquid fuels for the previous tax period, but not less than 50,000 BGN.

If the person has not made taxable deliveries, intra-community acquisitions or has not received released for consumption liquid fuels as referred to in the Law on Excises and Tax Warehouses at a total value of 25,000 BGN in the previous tax period, the amount of the collateral will be determined on the basis of the estimated monthly average tax base of the taxable deliveries/acquisitions of liquid fuels or value of liquid fuels, calculated on 12 months basis, but not less than 50,000 BGN.

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