Bulgarian Tax Legislation requirements for Market Relations between Related Companies
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 »
Posted in Accounting, Bulgarian Laws in English, Bulgarian Tax Guide, Consulting Tagged accounting bulgaria, Accounting Bulgaria Bookkeeping, Accounting Services, accounting services bulgaria, Accounting Services in Bulgaria, formal market relation policy, market nature evidences
Reporting Obligations for Bulgarian Companies Registered under VAT
The Bulgarian company registered under VAT is obliged to file with the authorities from the National Revenue Agency monthly VAT returns (together with purchase and sales ledgers), no matter if the Bulgarian company has executed any purchases or sales during a particular reporting period (the reporting period coincides with the calendar month).
Upon performing an intra-community supply or acquisition /transactions with registered under VAT EU companies/ in a respective… Continue reading »
Posted in Accounting, Bulgarian Laws in English, Bulgarian Tax Guide, Consulting, Payroll Tagged accounting bulgaria, Accounting Bulgaria Bookkeeping, Accounting Services, accounting services bulgaria, Accounting Services in Bulgaria, INTRASTAT declaration, monthly VAT returns report, Payroll Bulgaria, payroll services bulgaria, Payroll Services in Bulgaria, VIES declaration
Terms for Payment of the Tax on Income from Employment Relations in Bulgaria
The tax, which the employer is obliged to deduct at the advance and annual levying of income from labour relations is to be paid before the 10th day of the month succeeding the month when the tax has been deducted. Employers periodically present information to the National Revenue Agency on the income paid by them under employment relations and on the tax deducted on the said income. The Minister of… Continue reading »
Posted in Accounting, Bulgarian Tax Guide, Consulting, Payroll, Taxation Tagged accounting bulgaria, Accounting Bulgaria Bookkeeping, Accounting Services, accounting services bulgaria, Accounting Services in Bulgaria, code for payment of the tax on income, pay the tax on income from employment relations, Payroll Bulgaria, payroll services bulgaria, Payroll Services in Bulgaria
Taxable Income and Advanced Tax Income Assessment from Employment Relations in Bulgaria
The taxable income from employment relations comprises of the labour remuneration and all other payments in cash and/or in kind by an employer or at the expense of an employer, with the exception of income designated in the legislation as non-taxable.
The advance tax on income from employment relations is assessed monthly by the employer on the basis of the monthly tax base. The monthly tax base is assessed… Continue reading »
Posted in Accounting, Bulgarian Tax Guide, Consulting, Payroll, Taxation Tagged accounting bulgaria, Accounting Bulgaria Bookkeeping, Accounting Services, accounting services bulgaria, Accounting Services in Bulgaria, Payroll Bulgaria, payroll services bulgaria, Payroll Services in Bulgaria
Invoices in General and Time Limit for Issuing of VAT Invoices in Bulgaria
Generally, any supplier (a taxable person, registered for VAT purposes) has to issue an invoice for each effected supply. The stamp and the signature are not obligatory, provided that the invoice contains certain wording. Furthermore, the issuance of invoice is not obligatory in case when the recipient is a non-taxable individual or in case of free of charge supplies.
Invoices can be issued also electronically, subject to specific requirements… Continue reading »
Posted in Accounting, Bulgarian Tax Guide, Consulting, Payroll, Taxation Tagged accounting bulgaria, Accounting Bulgaria Bookkeeping, Accounting Services, accounting services bulgaria, Accounting Services in Bulgaria, electronic invoicing in Bulgaria, issuing invoices in Bulgaria, Payroll Bulgaria, payroll services bulgaria, Payroll Services in Bulgaria, time limit for invoices in bulgaria
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