Банкеръ Weekly

Briefs

FINANCE MINISTRY OFFICIALS BEGIN TO COURT BIG DEBTORS

The big debtors to the Treasury which provide a considerable number of working positions or are of a strategic importance to the State (such as the tobacco and arms plants), will be placed under the Finance Ministry's special control. This became clear from the measures for increasing the collectibility of taxes, approved by the Government some ten days ago. The programme, written in the good old traditions of forthcoming plans, contains also several concrete measures, showing the changed politics towards debtors. Thus, the liabilities of strategic enterprises (the Bulgarian State Railways, the arms plants, the oil and sugar refineries) will be actively rescheduled and will be allowed to effect payments from their garnished bank accounts.The Government also plants to tighten tax discipline. All debtors with overdues to the State will be listed each month. One of the drastic measures is connected with setting up a tax police. The amendments to the Commercial Code, that are to be discussed in Parliament, will stipulate a facilitated procedure for adjudicating insolvent companies which owe large sums of money to the State. Firms which have not paid their taxes shall not be granted licences. The other proposal - to ban loss-making companies from participation in public procurement tenders - is still more radical.The establishment of a National Revenue Agency and the interaction between the tax authorities and the National Insurance Institute is of a special importance. They will be jointly controlling the risky branches, such as the software producers, providers of financial services, tailoring, leisure industry, transport, and security services. One of the curious measures is the merger of Ivan Dushanov's Union of Accountants and the Association fo Accounting Houses, headed by Hristinka Petrova. It is not clear how the Government will force these two institutions to unify, but it obviously hopes that control on accountants would prevent tax evasion. As a result of the implementation of that programme the Government projects to collect additional revenues into the budget, exceeding BGN1BN. Overfulfillment of budget proceeds by BGN260MN is expected this year alone.

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