VAT Registration Types and VAT Registration Procedure of a Bulgarian Company – part I
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”.
1.1
Posted in Accounting, Bulgarian Laws in English, Bulgarian Tax Guide, Consulting, Doing Business in Bulgaria Tagged accounting bulgaria, Accounting Bulgaria Bookkeeping, Accounting Services, accounting services bulgaria, Accounting Services in Bulgaria, compulsory VAT registration, executed intra-community acquisitions, voluntary VAT registration
Changes in the General Provisions on the Employees of the Bulgarian Company since 2008
Personal income tax (PIT) and social security (SS) compliance: As of January 1st 2008 the PIT was reduced to a flat rate of 10%. It is levied on the gross amount of the salary decreased with the statutory social security contributions paid for the account of the employee.
The aggregate rate of SS contributions for 2008 is 33.4%. SS contributions are levied on the gross monthly salary of the… Continue reading »
Posted in Accounting, Bulgarian Laws in English, Bulgarian Tax Guide, Consulting, Doing Business in Bulgaria Tagged accounting bulgaria, Accounting Bulgaria Bookkeeping, Accounting Services, accounting services bulgaria, Accounting Services in Bulgaria, personal income tax compliance, social security aggregate ratio, social security compliance
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
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