Банкеръ Weekly

Briefs

STATE GIVES USD60MN FOR THE NATIONAL AGENCY OF INCOMES

The establishment of a new megastructure for collection of taxes, social and health insurances - the National Agency of Incomes, will cost USD60MN to the state. This was announced by the Minister of Finance Milen Velchev on July 11 after the end of the Council of Ministers' meeting at which was discussed the draft law for Agency's establishment. This new institution will unite the incomes' collection functions of the General Tax Directorate, the National Insurance Institute and the Healthcare Fund.The servants of the Agency will have no more rights than the tax authorities, underlined the Finance Minister and added that its establishment will start on January 1, 2003, after the World Bank gives its approval. WB is expected to launch a credit to finance the best part of the project. This money will be invested in software and personal computers purchases and in the construction and repairs of the buildings needed to house the Agency's structures. The Agency's establishment will take about two years and Minister Velchev said the new institution would start performing its real functions in 2005.

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