BULGARIAN TAX AUTHORITIES SPEED UP VAT REFUND PROCESS TO COMPANIES WITH LOW RISK TAXPAYER STATUS

The Bulgarian tax authorities will speed up the repayment of VAT to companies with the status of lower risk taxpayers.

This is envisaged by amendments to the VAT Act, which come into force as of 1st of September. Companies which have been described by the National Revenue Agency (NRA) as taxpayers with lower risk will be given priority for speeded up VAT refund. Such companies are required to have paid all liabilities to the state budget.

The criteria for qualifying a company as a low-risk taxpayer are equal for all, NRA said. One of the requirements is that the companies should not have a history of involvement in VAT frauds. The exact criteria, however, are confidential, the NRA said.

So far, VAT has been refunded only after an audit. Now VAT will be repaid to low risk taxpayers before the tax authorities conduct an audit. The companies need to specify a bank account in their monthly tax returns.

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