It is the beginning of the year and according the Chapter 5 from the Accounting Law every single Bulgarian company is obliged to complete the year end closure and to prepare and publish its financial statements. The deadlines for the above mentioned obligations are the following:
- for the submission of the Annual Tax Returns for 2011 to the National Revenue Agency and to the National Statistic Institute – no later than 31st of March 2012
- for publishing the Financial statements for 2011 into the Trade Register of the Bulgarian Registry Agency – no later than 30th of June 2012.
The year-end closure and the preparation of the company’s financial statements are complex and time-consuming procedures which require a serious experience and a lot of professional work. Moreover, they need to be done properly and in a timely manner in order the company to be compliant with the local legislation. Therefore, the year-end closure and the preparation and submission of the financial statements should be always entrusted to proven, reliable and experienced specialists.
In conclusion, don’t forget that it doesn’t matter if your Bulgarian company is active or dormant – in both cases your obligations before the local authorities remain in place and if the set deadlines are not met there are considerable penalties that will have to be paid!