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Half of all property deals still in the “grey” economy
More than half of all construction and real estate industry transactions fall within the grey sector. Undeclared resources have reached inconceivable levels, according to Vassil Velev, chair of the Bulgarian Industrial capital Association, speaking at a meeting on January 28 with the Association of Organisations of Bulgarian Employers. The Association's members include the Bulgarian Industrial Association, the Bulgarian Chamber of Commerce and Industry, the Union of Economic Initiative and the Bulgarian Union of Private Entrepreneurs Vuzrazhdane.
A considerable discrepancy exists between tax evaluations and prices quoted by agent companies, particularly in seaside and mountain resorts. This facilitates money laundering and corruption schemes, according to representatives of Bulgarian business associations.
Municipalities will also be able to improve services if they are vested with the right to raise tax evaluation levels and place them on a par with market levels, business leaders noted.
The public will not suffer negative impacts and a large amount of funds will step out of the shadows of the grey economy, said Dikran Tebeyan, deputy chair of Bulgarian Industrial Association.
However, some experts forecast that the simplistic levelling of tax and market appraisals will raise property prices and notaries' earnings but decrease demand.
January 31 2008, source: www.propertywisebulgaria.com
A considerable discrepancy exists between tax evaluations and prices quoted by agent companies, particularly in seaside and mountain resorts. This facilitates money laundering and corruption schemes, according to representatives of Bulgarian business associations.
Municipalities will also be able to improve services if they are vested with the right to raise tax evaluation levels and place them on a par with market levels, business leaders noted.
The public will not suffer negative impacts and a large amount of funds will step out of the shadows of the grey economy, said Dikran Tebeyan, deputy chair of Bulgarian Industrial Association.
However, some experts forecast that the simplistic levelling of tax and market appraisals will raise property prices and notaries' earnings but decrease demand.
January 31 2008, source: www.propertywisebulgaria.com
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