December 2017

Tax reliefs from employment in Bulgaria

2018-03-20T15:54:45+03:00December 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+03:00October 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 [...]

Bulgarian Annual Tax Return for 2017, Early Reminder

2018-03-20T15:54:45+03:00October 12th, 2017|Bulgarian Tax Guide, Doing Business in Bulgaria, Taxation|

Dear Clients and Partners, We would kindly like to remind you that companies that are taxed with corporate income tax shall submit an annual tax return of a standard form regarding the tax financial result and the annual corporate tax due. The annual tax return shall be submitted not later than 31 March of the [...]

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+03:00September 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 [...]