The National Revenue Agency, or NRA of Bulgaria, has begun screening companies with illogically large inventories on their 2020 balance sheets.

According to bourgas.ru, Bulgaria’s National Revenue Agency, or NRA, has begun checking companies with illogically large inventories on their 2020 balance sheets. Tax inspectors check the availability of goods and compare them with accounting documents. In case of discrepancies, checks will be started, specify in the NAP.

The control measures are part of the Revenue Agency’s massive campaign targeting companies that have reported significant increases in their inventory of goods, materials or products for 2020 on their balance sheets. Among them are clothing and footwear, household appliances, industrial goods, car parts and much more. According to the tax authorities, some of these goods may have been sold without documents for a long time or may be out of stock for other reasons.

At the end of last year, the National Revenue Agency sent warning letters to 11,600 companies in the country due to illogically high inventories totaling more than 9 billion leva, reminds the Tax Service. As a result of the information campaign, many of these companies have made adjustments by charging VAT on out-of-stock or discarded items, and some have reflected this in their 2021 annual corporate tax returns.

As a reminder, inventory is an accounting category that usually means goods, materials, or products that are stored in a warehouse. All companies in the sample retain inventories of significant value for many years, which defies economic logic, the NAP explains.

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