In a large soup pot, heat the olive oil over high heat.
Add the beef, garlic, and onions, and cook until the beef is no longer pink, about 5-7 minutes.
Add the black pepper, paprika, caraway seeds, and Italian seasoning, and cook for one minute.
Add the canned tomatoes, roasted beef base concentrate, water, bay leaves, sugar, and salt. Bring to a boil, then reduce the heat to the lowest setting and cook for 30-60 minutes. (30 minutes is the minimum, but longer is better.)
When it is 30 minutes before serving time, add the potatoes, carrots, and bell peppers. Once the vegetables are soft, the goulash is ready to eat!