How to Reduce our Taxes With up to 65%?
Taxable base can be reduced with up to 65% through donations, if certain conditions are met. Because the incomes of individuals in Bulgaria are taxed with a flat rate of 10%, the due tax can be decreased with up to 65% as well in a case of a donation.
With this regard the National Revenue Agency and the Bulgarian Donative Forum have organized together a joint campaign for donations… Continue reading »
Posted in Bulgarian Tax Guide, Questions & Answers, Taxation Tagged Personal Income tax, Personal Income Tax Act, Tax, Tax Services, Tax Services in Bulgaria, Taxation, taxation bulgaria
What Taxes are Due in Case of a Sale or Lease of a Property
The due tax on sale of property depends on different factors. It is taken into account when the property is acquired and on what grounds (a sale, a donation etc.). The tax amount depends on the type of the property (apartment, land), if the person has sold other properties during the year, etc.
The tax is due only on the difference, which is a result between the price of… Continue reading »
Posted in Bulgarian Tax Guide, Taxation Tagged Tax, Tax Services, Tax Services in Bulgaria, Taxation, taxation bulgaria
Annual Reporting and Taxation of Income Received by Individuals in 2012 – Part II
Exceptions:
An annual declaration should not be submitted in the following cases:
- When the citizen within the last year has only received income derived from a labour contract and as of 31st of December 2012 had an employer, who has calculated the annual amount of the due tax and has deducted it until the 31st of January 2013;
- If the received in the last year incomes
Posted in Bulgarian Tax Guide, Taxation Tagged Personal Income tax, Tax, Tax Services in Bulgaria, Taxation, taxation bulgaria
Annual Reporting and Taxation of Income Received by Individuals in 2012 – Part I
The deadline for annual taxation and declaring of income received in 2012, according to the provisions of the Personal Income Tax Act (PITA), is approaching – 30th of April 2013. By this date the due tax needs to be transferred to the National Revenue Agency bank account.
Subject to tax on the common annual tax base is the income of individuals received from:
- employment relations;
Posted in Bulgarian Tax Guide, Taxation Tagged Personal Income tax, Tax, Tax Services in Bulgaria, Taxation, taxation bulgaria
The Tax on Financial Transactions is Expected to be Introduced in Eleven EU Countries
It’s an expectation that eleven out of seventeen EU countries that are part of the Euro zone will accept the proposed tax on financial transactions. The countries are: France, Germany, Belgium, Portugal, Slovenia, Austria, Greece, Italy, Spain, Slovakia and Estonia. This tax aims to increase the public resources and to encourage the responsible trading with financial instruments, to strengthen the united market by reducing divergent national approaches to the taxation… Continue reading »
Posted in Bulgarian Tax Guide, Doing Business in Bulgaria, Taxation Tagged business in Bulgaria, Tax, Tax Services, Taxation, taxation bulgaria
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