1. The registration of the foreign person shall be terminated upon the availability of the general provisions under the VATA for deregistration. The deregistration shall be executed in compliance with art.109 form VATA – Procedure for deregistration initiated by the foreign person.
2. When the foreign person had not determined a new Fiscal representative then the tax authorities would have initiated a procedure for termination of the VAT registration. In… Continue reading »
After the company has been established, it could be registered as VAT payer. The registration under the Bulgarian VATA is compulsory or voluntary. The National Revenue Agency of the Republic of Bulgaria creates and maintains special register under VATA. Along with the entry in the register the legal entities shall acquire identification number for the purposes of VAT in front of which shall be placed the sign “BG”.
Bulgarian tax legislation requires that transactions between related entities are carried out in line with the market principle and conditions (i.e. as if the parties involved were not related and market conditions applied). In view of the above all transactions between related parties (supply of goods and services, financing, etc.) should be substantiated with reasonable documents evidencing their market nature (i.e. contracts, invoices, performance reports, protocols, evidences of similar transactions… Continue reading »