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Hi, I am seeing in the news that the party which used to lead Bulgaria for a long time and which is for the statut quo, is certainly not going to be…
Dec 14, 2023 · The Bulgarian economy is small and one of the main methods of attracting large investments has been a more competitive tax system. According to Vuldjev, the directive was "wrongly" signed by Bulgaria and "eliminates the advantage of the Bulgarian tax system.”
Typical situations where the new provision may find practical implementation include: 1) correction of VAT charged by the supplier where the recipient is denied the corresponding input VAT deduction and 2) correction of omission of the supplier to charge output VAT, established with a tax assessment act, so that the recipient could deduct input ...
Nov 22, 2013 · In recent days, Bulgaria’s ruling majority has announced plans to drastically alter the flat income tax, coming into force in 2014. The proposal envisions a sort of tax-free threshold equal to the minimum salary.
- Corporate Income Tax Act
- Taxation of The Digital Economy
- Extended Application of Reverse-Charge
The new provisions concern lessees applying the International Financial Reporting Standards (IFRS). In particular, costs incurred on operating lease arrangements under the new IFRS 16 leases are not deductible for tax purposes. Moreover, any right-of-use assets recognized are not tax depreciable. Instead, lessees can deduct for tax purposes the cos...
The newly adopted threshold of €10,000 changes the applicable VAT rules for cross-border digital services. The new rule addresses suppliers to non-taxable customers residing in Bulgaria and comes into to force effective 1 January 2019. The new rules introduce the possibility for online sales to be documented through electronic fiscal receipts effec...
Effective 1 July 2019, VAT-registered importers of certain goods e.g., sulphur, salt, aluminum, and zinc, among others, would be allowed to apply the VAT reverse-charge mechanism. The new regime would provide a possibility for optimization of the import VAT cash flow. Importers of such goods should check their eligibility to benefit from the self- ...
The Bulgarian tax system imposes taxes upon both legal entities and individuals, whereas three main groups of taxes can be discerned: direct taxes (corporate tax, income tax of 10%, indirect taxes (value-added tax) and local taxes and fees (succession tax).
Nov 17, 2023 · Bulgaria is braced for difficulty collecting its new tax on the transit of Russian gas, a measure that has sparked price and supply concerns across southeast Europe.
