Bulgaria enters public consultation on providing bad debt relief for VAT paid on sales invoices Currently, Bulgaria does not provide bad debt reflief when VAT on sales invoices have been declared and paid, but the customer does not settle their debt. It is one of
Doubling of annual threshold for VAT compliance from 1 January 2023 The Bulgarian parliament has agreed to double the annual VAT registration threshold from 1 January 2023. It will rise from the current BGN 50,000 (approx. €25,600) to BGN 100,000 (approx. €51,300). They estimate that
Temporary tax breaks on domestic fuel and basic foodstuffs as inflation continues rise The Bulgarian government has confirmed a range of emergency VAT rate cuts and rollovers of existing temporary cuts: An extension of the temporary cut to 9% for domestic energy and hearting until
VAT compliance and reporting rules in Bulgaria 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 other
Temporary tax breaks on domestic fuel and basic foodstuffs The Bulgarian government has proposed temporarily reducing the Value Added Tax rate on domestic heating and bread. The National Statistical Institute said that Bulgaria’s consumer prices rose by annualised inflation rate of 14.4% (12.4% in March).
Temporary tax breaks on domestic fuel and basic foodstuffs The Bulgarian government has proposed temporarily reducing the Value Added Tax rate on basic foodstuffs, non-alcholoic drinks; medical products heating electricity and gas. The proposal now moves to Parliament, the National Assembly. The measure could come
Continuing COVID-19 disruption extension of VAT support for key sectors till 31 December 2022 Bulgaria is to extend its cut in VAT for a range of services heavily affected by the continuing coronavirus crisis. The reduction from the standard rate to 9% will continue for
Many businesses taken out of the intra-community reporting requirement Bulgaria has significantly raised the annual reporting thresholds for Intrastat for 2022. Intrastat is EU-wide (usually) monthly reporting regime for businesses to report the movement of goods between EU states. It is split between Arrivals (goods
Live pre-clearance invoicing to help reduce the VAT Gap The Bulgarian National Revenue Agency has opened a public consultation on the implementation of e-invoicing. Any implementation date is unlikely to be before 2023. This follows the successes in Italy, Hungary and plans for Poland and
Bulgaria has started the approval process for an increase in its Value Added Tax registration threshold from BGN 50,000 to BGN 200,000 (about €100,000) per annum. The change could come into effect on 1 January 2022. Check EU VAT registration thresholds via VAT Calc’s live
