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1. Q: I returned a certain good on the first day of the month and credit notes for this good were issued on the 15th day of the same month. When does the interest for the delayed owner’s payment start to take effect?
A: We assume that the answer of this question depends on the terms set in the contract, signed by the two parties. These two options are feasible:
a) If the contract foresees sanctions (like interest, penalty for breaking a contract) for not fulfilling the terms of this contract regarding the delivery, then the sanction should come into action at the day the delivery should have been made, but in fact it wasn’t, because there was a claim for this good and it was returned, meaning there was no delivery.
b) If the contract foresees a sanction (interest) for a delayed payment, then the interest should be formed from the date on you paid the amount to the date it was returned to you.
In this case the regulations from articles 79 and the following, from the Obligations and Contracts act, should come into action. Regarding the actual applying of these regulations a law assistance should be called and your relations with the supplier arranged in compliance with the contract and the law.
2. Q: Should a company with no activity publish its financial statements in the Register Agency?
A: Every company in Bulgaria, regardless of the fact whether it has or currently doesn’t have any activity, should publish its financial statements in the Register Agency. The fact that a certain company is currently not operating does not mean that it doesn’t have assets and/or liabilities.
3. Q: When are the deadlines for submitting annual tax return and for publishing the financial statements in Bulgaria?
A: The deadlines applicable for Bulgaria are as follows:
– For the tax return statements: 31st of March into the National Revenue Agency;
– For the financial statements: 30th of June into the Trade Register of the Registry Agency.
4. Q: When is the fiscal year considered to start and end in Bulgaria?
A: The fiscal year in Bulgaria matches the calendar year – from 1st of January until 31st of December.
5. Q: How often am I obliged to submit VAT returns in Bulgaria?
A: In Bulgaria, unlike other European countries, every legal entity is obliged to submit its VAT return every single month, regardless of the fact whether it has or doesn’t have any activity.