Consulting

February 2019

Obligation to identify beneficial owners

2019-03-12T16:31:47+02:00February 20th, 2019|Consulting|

Dear Clients, The Law on Measures against Money Laundering, adopted in 2018, and its Implementing Rules, in force since January 2019, introduce the requirements of the Directive (EU) 2015/849 of the European Parliament and of the Council of May 20th 2015 on the prevention of the use of the financial system for the purposes of money laundering [...]

December 2017

Tax reliefs from employment in Bulgaria

2018-03-20T15:54:45+02:00December 14th, 2017|Accounting, Bulgarian Laws in English, Bulgarian Tax Guide, Changes in Legislation, Consulting, Payroll, Questions & Answers, Taxation|

From this year on, a new declaration for lack of public liabilities must be filled for those employees who would like to benefit from tax relief. According to the Personal Income Tax Act (PITA), every taxable person who has no mandatory public obligations at the date of submission of the annual tax return can submit [...]

Amendments to the Ordinance on working hours, breaks and holidays – can we allocate part of our working time?

2017-12-07T12:16:46+02:00December 7th, 2017|Accounting, Bulgarian Laws in English, Changes in Legislation, Consulting, Payroll|

With the State Gazette № 41 have been adopted amendments to the Ordinance on working hours, breaks and holidays. Its purpose is to refine the legislation regarding the calculation on working time in aggregate. The new changes shall be effective from 1 January 2018. They clarify the way in which the regime of aggregated working [...]

October 2017

Country-by-Country Reporting in Bulgaria – welcome to the Era of transparency in reporting

2017-11-28T06:53:56+02:00October 26th, 2017|Accounting, Bulgarian Tax Guide, Consulting, Doing Business in Bulgaria, Taxation|

On 31th of October 2017, the Executive Director of the NRA with an official Order has set clear rules on Country-by-Country Reporting for companies belonging to multinational groups of companies. What is Country-by-Country Reporting: Country-by-Country Reporting (CbCR) is more than just another compliance burden. The CbCR therefore refers to tax planning strategies used [...]

Important: From January 2018, the CIT declarations in Bulgaria shall be submitted only online via electronic signature

2017-10-25T12:31:51+03:00October 23rd, 2017|Bulgarian Tax Guide, Consulting, Doing Business in Bulgaria, Taxation|

Dear Clients and Partners, A major change has been implemented by the Bulgarian Tax Authorities and it is in respect to the online submission of the Annual tax returns for all companies under the CIT Law. Starting from 1st of January 2018, all legal entities should submit their Annual tax returns for 2017, ONLY via [...]