In order to enhance the efficiency of the VAT refund process, from the beginning of July 2013 the Ministry of Finance has taken an urgent measure to introduce strict VAT refund accounting which includes:
- Strict adherence to the statutory deadlines for VAT refunds;
- Introduction of a principle of VAT refunds by priority rating of the VAT returns for refunding;
- Monthly analysis of the structure of the non-refunded VAT and the reasons for its non-refund;
- Monthly supervision of the process of VAT refunds;
- Release of monthly information about the VAT refunded in the relevant month.
1. Strict adherence to the statutory deadlines for VAT refunds
Monthly supervision of the adherence to the deadlines for VAT refunds has been introduced so as not to retain the turnover means of businesses and to avoid the payment of default interest from the budget.
2. Principle of VAT refunds
A principle of VAT refunds has been introduced according to which the tax is refunded by priority rating of the VAT returns for refunding filed by the tax liable persons. This principle also allows exercising effective control over the meeting of the refund deadlines.
3. VAT refunded in July 2013
The VAT refunded in July 2013 amounts to BGN 563 million, including BGN 557 million of effectively refunded tax and BGN 6 million of tax set off for other public receivables. The VAT refunded in July 2013 to large, medium and small enterprises
4. VAT refunded in the period 01.08-08.08.2013
The VAT refunded in the period 01.08-08.08.2013 amounts to BGN 167 million.