Financial Control of Political Parties

Financial control over the activities of political parties and the management of the property thereto allocated shall be exercised by the National Audit Office.
Political parties shall apply a double-entry system of bookkeeping according to the provisions of the Accountancy Act.

Political parties shall draw up a financial statement on the last preceding calendar year, including information on the headquarters and the regional chapters, according to the requirements established by Article 26 of the Accountancy Act and by the National Accounting Standards.

The financial statements shall be subject to independent financial audit and certification by an independent financial auditor before their presentation to the National Audit Office if the political party has received or spent during the reporting period suns and/or other property exceeding BGN 50 000 regardless or their origin.
The costs of the audit and certification of the financial statements shall be for the account of the relevant political party.

Political parties shall submit the certified financial statements to the National Audit Office not later than the 31st day of March of each current year on paper and on an electronic carrier. A sample declaration shall be attached thereto containing a list of the natural and legal persons that have made donations; the type, amount, value and purpose of the donations as well as a separate list of the non-profit legal persons that have made donations in which founders and/or members are members of the governing or control bodies of the respective political party, their children or spouses.

The National Audit Office shall publish in the official bulletin and on its Web site by 15 April of each year the statements and declarations under Article (4) as well as the names of the parties that have failed to submit statements within the deadline under Article (4). A declaration under Article (4) shall be filed also by non-profit legal persons that have made a donation in favour of a political party.
Not later than the 15th day of April of each current year, the National Audit Office shall publish the designations of the parties which have failed to submit statements within the time limit established under Paragraph (4) in the official bulletin and on the Internet site thereof.

The National Audit Office shall draw up the sample declaration under Article (4).
Within six months after receipt of the financial statements, the National Audit Office shall conduct an audit of the financial activity and management of the property allocated as to compliance of the said activity and management with the requirements established herein and in the Accountancy Act .

After the expiry of the term under Paragraph (1) the National Audit Office shall send to the Executive Director of the National Revenue Agency the statements of the political parties that receive state subsidy, a list of the political parties that have not filed their statements on time as well a list of the non-profit legal persons that have not filed their declarations under Article 34, Paragraph (5) in order to take action under the procedure of Chapter Fifteen of the Tax and Social Insurance Procedural Code .

The National Revenue Agency shall take the action within the deadlines under Article 114, Paragraphs (1) and (2) of the Tax and Social Insurance Procedural Code .

After taking the action under Paragraph (2) the Executive Director of the National Revenue Agency shall send the audit acts to the assignor - the National Audit Office.

Within one month after receiving the results of the audits referred to in Paragraph (1) and the audit acts received the National Audit Office shall publish the results of the said audits in its official bulletin and on its Internet site.
Upon non-submission or late submission of financial statements to the National Audit Office, political parties shall forfeit the entitlement thereof to a state subsidy until conduct of the next elections of National Representatives.

Where in the course of the audit the National Audit Office has ascertained any violations in the raising and spending of funds, in the management of the property as allocated or in financial reporting, if there is good reason to believe that a criminal offence has been committed, the report shall be transmitted to the Sofia City Prosecution Office by decision of the National Audit Office within seven days after adoption of the said report.

The National Audit Office shall issue a certificate on submission of financial statements for the shorter of the period commencing on the date of registration of a political party and the three successive years last preceding (election day), which the political party shall submit to the Central Election Commission upon registration for participation in elections.

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