Bulgarian POSs flood market

The tax audit mechanics is hunting down undeclared paper terminals (POS) successful a bid to uncover businesses concealing taxable income and bypassing the caller online monitoring systems.

These businesses contented receipts that look morganatic to customers, but the transactions are ne'er transmitted to the Independent Authority for Public Revenue (AADE) done its physics system, preventing tax authorities from tracing the existent volume of commercialized activity..

Although the interconnection of currency registers and POS systems has go 1 of the authorities’ astir effectual tools against tax evasion – helping make much than €2.5 cardinal successful further state gross – auditors are confronting a caller and sophisticated signifier of fraud.

According to the authorities, the strategy involves undeclared point-of-sale terminals linked to overseas banks and outgo providers, allowing transactions to stay invisible to the Greek tax bureau while funds are funneled extracurricular the home banking system.

Audits that are already underway, and are expected to intensify implicit the summer, person revealed thousands of undeclared POSs connected to overseas banks and providers. Through these POSs, wealth from transactions does not extremity up successful Greek concern accounts, but successful idiosyncratic accounts concern owners support successful different countries.

According to information, some 80% of the undeclared POS that person been detected travel from Bulgaria. At the aforesaid time, the authorities person recorded akin cases linked to Britain, Lithuania, Belgium and Ireland.

The tax authorities estimation that profits from undeclared transactions are initially deposited successful overseas slope accounts and then repatriated extracurricular the banking system, chiefly via currency transfers.

Bulgaria seems to beryllium the archetypal state of prime for galore businesspeople, chiefly owed to its proximity to Greece. Movements are casual and frequent, allowing much than 1 idiosyncratic (relatives, employees oregon partners) to transfer amounts of up to €10,000 each without having to state them to the authorities.