The statutory deadline in compliance with CITA for filing the annual corporate income tax return with the Bulgarian National Revenue Agency is March 31st of the following year. The annual corporate income tax return should be accompanied by the annual financial statements of the Bulgarian company and if necessary by the auditor’s report /in case the Bulgarian company is subject to annual statutory financial audit/. The liability under the corporate income tax should be effectively paid to the state budget by March 31st of the following year as well.
The Bulgarian company will also be obliged to pay monthly or quarterly advanced corporate income tax instalments during the year. The already paid amounts would be deducted from their annual corporate income tax liability. The amount of the monthly instalments is determined on the basis of taxable profits of the two previous years, adjusted with a statutory coefficient. In case the Bulgarian company realized tax losses in the previous years it would be obliged to make quarterly advanced corporate income tax instalments on the basis of its current year taxable profit.
Companies, whose revenues for the previous year did not exceed BGN 200 thousand and newly established entities are not obliged to pay advanced corporate income tax instalments.