site.btaParliament Passes Conclusively Revisions to VAT Act

Parliament Passes Conclusively Revisions to VAT Act

Sofia, May 21 (BTA) - A temporary trustee in bankruptcy
appointed by the court shall collect the cash receivables of the
 bank, including by requiring a warrant for immediate execution
under the procedure of the Code of Civil Procedure on the basis
of citations from the account books, Parliament decided
Thursday, passing conclusively revisions to the Bank Bankruptcy
Act through an amendment to the VAT Act.

The supplements were proposed between the first and second
reading of the VAT Act revisions by GERB MPs Dimiter Glavchev,
Menda Stoyanova and Diana Yordanova.

The MPs also decided that stamp duty shall not be collected in
advance in the case of statements of action. Where a statement
of action is accepted, the stamp duty shall be charged to the
sentenced party, and where it is rejected, it will be collected
from the bankruptcy estate. Statements shall be lodged with the
bankruptcy court.

The  MPs amended the VAT Act to introduce regulations allowing
municipalities, in their capacity as owners of water supply and
sewerage infrastructure whose construction was funded under
Operational Programme (OP) Environment 2007-2013, to exercise
their right to tax credit for VAT charged on supplies received
after January 1, 2007. The amendments were passed as a result of
 halted funding under the OP of VAT expenditure by
municipalities for water supply and sewerage projects.

The funding of the VAT expenditure was halted after the European
 Commission said in a letter that the expenditure in question
constituted ineligible costs under the EU's Structural Funds and
 the Cohesion Fund since the operation of the built water and
sewerage infrastructure generated proceeds subject to the
payment of VAT.