FINANCIAL DIRECTORS FACE INCREASING TAX CONTROL

The majority of financial executives in Bulgaria admit that they are facing more tax inspections after the economic crisis. Almost half of them stated that they had to deal with a more aggressive approach by tax inspectors, and 28% - said they were faced with irrational and exaggerated demands. But one in five respondents said that tax inspections had been carried out objectively and honestly. The data is from a survey of the Ernst & Young consulting company on "The role of the Financial Director in Bulgaria", presented yesterday. 

Most of the financial executives in the country cope with the crisis through more stringent control and by reducing expenditures. Just 4% would sell assets, 2% - cut staff and 1% - apply more flexible working time for employees. Almost half of the executives- or 46%, however, combine all of these methods. This is the percentage of directors, who pointed out that the economic uncertainty was the most challenging issue for them. 

The majority of the financial directors share the opinion that wages now are more closely associated with the state of the company. Every fourth financial leader believes that a better communication with the media is needed, and every third - that relations with politicians / government should be improved. 

Bulgarian managers are more satisfied, compared with their colleagues worldwide when it comes to the balance between personal life and work, salaries and potential for career development. Half of them aspire to enlarge their field of activity, and almost every third person would be happy to remain at its current position. Just 14% of the respondents have ambitions to become CEO. According to the survey, financial directors in Bulgaria are not exclusively male, as the female executives among respondents predominated -52%. Financial managers are mostly young people of 30 - 39 years of age (51%) or slightly more mature - between 40 - 49 years (30%)