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 [...]

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 [...]

September 2017

News by the NRA – amendment to tax return needed in case of an error regarding hidden distribution of profits

2018-03-20T15:54:45+02:00September 25th, 2017|Doing Business in Bulgaria, Taxation|

Dear Clients and Partners, With the below listed, hereby we would like to highlight the latest news distributed by the National Revenue Agency in regards to the declared petty cash availabilities into the Balance sheets of the companies, published their Financial reports for year 2016.  Kindly be aware, that If the amount stated in the financial statement as a [...]

June 2016

Аutomatic exchange of financial accounts information in the field of taxation

2018-03-20T15:54:45+02:00June 20th, 2016|Bulgarian Tax Guide, Taxation|

What is automatic exchange of financial accounts information? To promote global fighting with the cross-border fraud in the field of taxation and prevent tax evasion, the Organization for Economic Cooperation and Development (OECD) has established the Common Reporting Standard (CRS) for automatic exchange of financial account information. The Standard provides that tax authorities all [...]