Restrictions of cash payments in Bulgaria
By the adoption of the Limitation on Cash Payments Act (the „LCPA”), promulgated in the State Gazette, issue 16 of 26 February 2011, it is aimed to limit the so called „grey sector” in the national economy. In the reasoning of the Bill on Limitation of Cash Payments, the Council of Ministers, which has proposed the Bill, states that similar restrictions on cash payments exist in other EU member states… Continue reading »
Posted in Accounting, Consulting, Questions & Answers, Taxation Tagged accounting bulgaria, accounting provider, Accounting Services, Accounting Services in Bulgaria, bulgarian national bank, Cash Payments Act, cash withdrawals Bulgaria, Labour Code Bulgaria, payments by bank transfer
Accredited /fiscal/ representative for Foreign person in Bulgaria
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 »
Posted in Accounting, Bulgarian Tax Guide, Consulting, Doing Business in Bulgaria, Outsourcing, Payroll Tagged Accounting Bulgaria Bookkeeping, Accounting Services, Bulgarian value added tax act, Fiscal Representative, Fiscal Representative Bulgaria, Value Added Tax, VAT, VAT registration
Accounting in Bulgaria – Statutory accountancy requirements
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 »
Posted in Accounting, Consulting, Doing Business in Bulgaria, Outsourcing Tagged Accountancy, Accountants, accounting bulgaria, Accounting Bulgaria Bookkeeping, Accounting Services, Accounting Services in Bulgaria, Bulgarian accountancy, bulgarian accountant, chart of accounts
The Accounting services in Bulgaria – what to expect and what to require?
Believе or not, but in Bulgaria there are very well qualified and solid experienced companies that provide unbeatable accounting services to foreign investors, comparative only with the services provided by the Big 4 . Of course, like elsewhere, also in Bulgaria there is a chance to fall among unprofessional, but very quickly you will be aware about that. Usually those companies do not continue their existence for a long time… Continue reading »
Posted in Accounting, Consulting, Doing Business in Bulgaria Tagged Accountancy, Accountants, accounting service providers in Bulgaria, Accounting Services, Accounting Services in Bulgaria, Balance sheet, Bulgaria, CIT, Corporate Income Tax Act, Profit and Loss statement, Trial Balances, Value Added Tax, VAT
Short guide for the accounting services providers in Bulgaria – or how it works? (Part II)
This article is the second part of our short study about the accounting service providers in Bulgaria I,so if you read this, then you might still are on the stage of search for the right accounting services provider in Bulgaria?
If it is so simple statutory regulated by the law and although the wide range of proposing of accounting providers you are still not quite sure what your… Continue reading »
Posted in Accounting, Consulting, Doing Business in Bulgaria, Outsourcing Tagged accounting provider, accounting service providers in Bulgaria, Accounting Services, Annual Tax Return, Bookkeeping, business in Bulgaria, CPA, Legislation, Limited Liability Company
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