Банкеръ Weekly

Briefs

RIGHTS OF STATE RECEIVABLES AGENCY INCREASED

The State Receivables Agency will already have exclusive rights to demand imposing of security measures against the debtors. This is stipulated by one of the amendments to the Tax Procedures Code, approved by the Cabinet on Thursday (January 16).If the draft bill on amending and supplementing the Tax Procedures Code is passed by Parliament, if a debtor to the Exchequer hides, that shall not be an obstacle to undertaking compulsory execution. With the Interior Ministry's coorperation the agency may proceed with laying a distraint on the debtor's property and out it up for sale. A curious moment in the project is the distinction, made between Bulgarian citizens and foreigners when imposing security measures. The State Receivables Agency or the state body to which the debtor owes money may demand to deprive any Bulgarian citizen of his passport if his liabilities exceed BGN3,000. A debt to the Exchequer over that amount will be considered liabilities of especially big size. However, this amount won't apply to foreigners, who are debtors to the State for one reason or another. All security measures, stipulated by the code, could be undertaken regarding their assets, independently of the amount they have forgotten to pay.If the property of the debtor is not sold at a public tender, a second bidding is invited at a 10% lower price than the initial one. This is repeated until a buyer turns up. The new amendments to the Tax Procedures Code stipulate in detail the order for the application of the agreements for avoidance of double taxation, which Bulgaria has signed.During the week the State Receivables Agency made a report about the proceeds it collected in 2002. The aggregate amount is BGN102,756,483, almost double as compared to 2001. The companies, which are big debtors total 2,129. The Exchequer's receivables total BGN1,518,423 but more than one third of them have been declared bad debts.

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