Bulgarian National Revenue Agency to closely monitor 3,600 Bulgarian companies

The Bulgarian National Revenue Agency (NRA) has put 3,600 Bulgarian companies under special monitoring, the Bulgarian newswire, Novinite, reported Aug. 16.

 “The letters that were sent to Bulgarian companies should be seen as a first and friendly warning,” the director of the control department of NRA, Vasil Panov, said, as cited by the newswire. “If the companies do not get back in line and start reporting the real data, then we start inspections and sanctions.”

 The NRA decided to issue warnings due to considerably lower-than-usual turnover in 3,600 Bulgarian companies, compared to data provided by similar entities. The list of observed companies includes retailers, bars, cafes and restaurants, medical practices, parking lots, hairdressers and beauty salons.

 The agency stated that if the low turnover continues for no apparent economic or market reasons it will start conducting audits, including visits of a ‘mystery client,’ in order to establish whether cash receipts are being issued properly in each company.

 The Bulgarian National Revenue Agency analyzes the data from more than 400,000 cash registers that are directly connected to the tax database looking for discrepancies in turnovers or dubious increases in sales in the end of the day or month.

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