Special scheme for small businesses; new fixed asset and stocks reporting; place of supply live streaming events On 18 September 2024, the Bulgarian Ministry of Finance (MOF) published a proposal for amendments to the Value Added Tax (VAT) Act, aimed at introducing special VAT regimes
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
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
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
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
