Value-added tax

The tax system of Bulgaria is working well and need not be alterated throughout 2017, the head of Parliament's budget committee has said.

The government will not resort to any changes for now as the system currently in force has been generating GDP growth that is beyong the EU's average at the moment, Menda Stoyanova has told public broadcaster BNT in an interview.

The General Secretariat for Public Revenue is investigating 1,545 hotels as regards their occupancy rates and prices. Where required, the inspectors will pose as guests to establish whether what hotels declare in terms of occupancy figures and the rates they charge are factual and whether the correct taxes are being paid.

From today many goods and services become more expensive as of June 1st the new VAT hike comes into effect with the rate growing from 23% to 24%, while the salaries continue shrinking.

Greek citizens will be called to pay more for their everyday needs, since the new VAT rate applies to everything, from food, clothing and fuel to telecommunications, tickets and restaurants.

Bulgaria consolidated budget showed a surplus of BGN 2.35 B as of end-April, equivalent to 2.6% of the projected 2016 GDP.

This compared with consolidated budget surplus of BGN 1.07 B, equivalent to 1.2% of GDP at the end of April  2015.

Toll charges on some of Greece's highways will rise on June 1 due to the increase in the top rate of value-added tax from 23 to 24 percent.

Drivers will have to pay an extra 0.05 to 0.10 euros at some toll stations as a result of the price change.

There will be no increase in charges on the Egnatia Highway, which is still under fill state control.

Tax revenues missed their budget target for the first four months of the year by 207 million euros, Finance Ministry figures showed on Friday, but the major decrease in state expenditure, by almost 2.3 billion compared to the target, led to an excessive primary surplus in the year to end-April: Against a target for a primary surplus of 2.1 billion euros, it amounted to 2.7 billion.

Life will get even more expensive for Greeks as of next month following the government's decision to raise a number of taxes, such as the value-added tax on most commodities and the special consumption tax on fuel, tobacco and coffee, as well as hikes on landlines, Internet and pay-TV.

The Greek government is rushing to close a deal with its creditors in an extra ordinary Eurogroup on Thursday during Orthodox Easter week, in a desperate effort to receive a disbursement to cover its financial obligations to the IMF and ECB in summer.

The Greek government will meet with the representatives of the institution on Saturday in Athens, after their quick trip to Brussels to inform the institutions about the draft agreement.

The Athens Chamber of Commerce & Industry (EBEA) has issued a leaflet in its effort to shed light on the dire economic environment for Greek businesses.