In the State Gazette, issue 18 of 1 March 2011 amendments to the Consumer Protection Act (the „CPA”) were promulgated, which have entered into force as of 5 March 2011. The most substantial changes concern the sales of drugs by means of distance contracts (including through electronic trading platforms).
Prior to the entry into force of the discussed changes, the CPA used to prohibit the offering and sale by… Continue reading »
Through Fiscal representative might be registered:
- Foreign person, which DOES NOT have a permanent unit on the territory of Bulgaria, whereby to execute economic activity. The foreign person shall meet the conditions of VAT Act for compulsory or voluntary registration. The branches of foreign companies are not included here and shall be registered under the general provisions of VAT Act.
- Foreign person which IS NOT settled on the… Continue reading »
Below I would like to summarise major statutory compliance requirements in the accountancy area in Bulgaria:
Bulgarian accountancy legislation requires that local companies use statutory established chart of accounts for their accounting records. The statutory chart of accounts provides general accounting categorisation, which may be supplemented with additional sub-accounts (if necessary). Further, it should be approved by the management of each company. The above requirement does not preclude companies… Continue reading »
Currency: Bulgarian Lev (BGN)
Foreign exchange control: No, but some reporting requirements apply.
Accounting principles/financial statements: Bulgaria applies IFRS as a statutory accounting basis. Only certain entities are entitled to opt to apply the national financial reporting standards for small and medium-sized enterprises.
Principal business entities: These are the limited liability company, joint stock company, sole trader and branch of a nonresident company.