site.btaCabinet Approves Bill Amending Public Financial Inspection Act
At its regular meeting on Wednesday, Bulgaria's Council of Ministers approved a bill to amend and supplement the Public Financial Inspection Act.
The idea is, basically, to improve the quality of the control activity of the Public Financial Inspection Agency (PFIA) authorities. When adopted, the revisions will ensure a better prevention and reduction of the risks of uncontrolled spending of public funds, the Government Information Service reported.
The bill updates the extents of the administrative and pecuniary penalties which have not been revised for nine years, including the minimum amounts of fines, which have been unchanged for 17 years. The sanctions had to be updated in order to meet the need to tighten administrative penalty liability, which has been identified in the National Recovery and Resilience Plan.
The draft legislation enables the generation, dispatch, delivery and receipt of documents under the Act by electronic means so as to increase the effectiveness of the PFIA's operation.