Many small business owners often opt to do their own accounting in effort to save money. Unfortunately, a lack of accounting and bookkeeping expertise can cost them a lot in profitability and success. There are three common accounting mistakes of which most of the small business owners may not be [...]
According to the Bulgarian National Institute of Statistics, the Bulgarian GDP is indicating a growth of 3.4% compared to the figures back in March 2010. In addition, the economic growth speed has increased with 0.6% compared to the Q4 2010. These figures turned out to be a big surprise to [...]
Goods purchased and/or services received by the Bulgarian company from local suppliers would be generally subject to 20% VAT chargable by the suppliers. The invoices issued to the Bulgarian company from the Bulgarian suppliers have to be reported in the purchase ledger and VAT return of the Bulgarian company for [...]
In compliance with the COUNCIL DIRECTIVE 2006/112/EC of 28 November 2006 on the common system of value added tax, and art.133 from VATA “Registration of foreign person, who is not settled in the state” the foreign companies: - which are obliged or intend to receive a Bulgarian VAT registration; - [...]
1. The registration of the foreign person shall be terminated upon the availability of the general provisions under the VATA for deregistration. The deregistration shall be executed in compliance with art.109 form VATA – Procedure for deregistration initiated by the foreign person. 2. When the foreign person had not determined [...]
