National Revenue Agency progresses OECD-based Standard Audit File for Tax of transactional-level VAT data Bulgaria is preparing to join other countries implementing SAF-T, the OECD-backed standard schema for the exchange of information between tax payers and authorities. The first version of the Bulgarian SAF-T XSD
VAT compliance and reporting rules in Bulgaria 2024 Below is summary of the major rules provided under Bulgarian VAT rules (VAT Act of 2007; Regulation for the Application of the VAT Act), plus adoption of EU VAT Directive provisions. Check our country VAT guides for
Option for import VAT payment postponement 1 January 2024 Bulgaria is the latest EU member state to offer taxpayers the option to bypass the obligation to pay import VAT at the point of clearing goods into the country. Instead, they can make the payment by
MP’s back extending temporary VAT rate cut introduced at height of COVID pandemic Bulgarian Members of Parliament have extending the COVID-19 temporary VAT rate cuts for restaurants, tourism and gyms. The reduction from 20% to 9% was due to run out on 31 December 2023.
Annual threshold for VAT restoration rises to BGN 166,000 from 1 January 2025 Bulgarian has confirmed a rise in the annual VAT registration threshold from 1 January 2025. It will increase from the current BGN 100,000 (approx. €51,000) to BGN 166,000 (approx. €85,000). Bulgaria estimates
2024 – Many businesses taken out of the intra-community reporting requirement Bulgaria has significantly raised the annual reporting thresholds for Intrastat for 2024. Intrastat is EU-wide (usually) monthly reporting regime for businesses to report the movement of goods between EU states. It is split between
New quarterly reporting of cash and receivables from Nov 2023 Bulgaria’s 2023 Budget has imposed a new quarterly report for all VAT registered businesses to declare cash holdings and certain receivables. The submissions must be made by the end of the month following the reporting
Bulgaria allows for VAT invoice bad debt relief to fall into line with EU Following a September 2022 public consultation, Bulgaria has amended its VAT Act to provide relief on VAT remitted to the tax authorities for sales invoices which subsequently are not settled by
Cuts to newspapers, hotels and basic foods Bulgaria has gazetted various changes to the VAT Act to cut rates permanently and temporarily on a range of supplies. VAT rate changes The updates include: Newspapers and journals are reduced from 22% standard rate to the 9%
Raised reporting threshold for intra-community supplies reporting Bulgaria is the first EU country to announce an annual uplifting of its reporting threshold for Intrastat, the EU-wide reporting regime for intra-movement of goods. Only taxpayers exceeding these thresholds of shipping goods between EU states are obliged
