Bulgaria – Tax Bill submitted to parliament

On 11 October 2016, Tax Bill No. 602-01-57 was submitted to the parliament. The most important aspects of the Bill include the following:

the introduction of obligatory electronic filing for companies;
the deadline of 30 September of a tax year for companies wishing to file adjustments to tax returns;
the introduction of a special procedure for the determination of the tax base for company shares issued against a contribution in kind;
individuals earning foreign income will be allowed to file an annual tax return and pay the taxes up until 30 April;
amendments to the VAT adjustment rules for capital assets;
increase of excise duties on cigarettes;
a simplification of the rules for the determination of companies which may file a consolidated financial statement; and
the maximum amount for payments in cash between individuals and companies, and companies and individuals will be lowered from LEV 10,000 to LEV 5,000.

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