The accounting of legal entities in Bulgaria is carried out
in accordance with the international GAAP system. Some taxes
(such as corporate or payroll taxes) are paid by all companies.
DOES EVERYONE NEED TO REGISTER?
Registration of a company for VAT is only required in some cases, for example, if the company's annual turnover exceeds 20,000 euros. Taxable turnover includes the tax bases of completed taxable supplies, regardless of whether they were paid by the
recipient. Upon reaching such an annual turnover,
the legal entity is obliged to register as a VAT payer.
Registration is carried out in accordance with the Law on VAT
(“Law on Value Added”).
Important! You do not need to wait until the end of the calendar year to register. If for a period of 12 consecutive months, the turnover has exceeded the indicated amount, you need to register for VAT, and do this within two weeks after the expiration of the tax period. In addition, such registration is necessary if the company operates internationally
and has relationships with counterparties from other
In the absence of mandatory grounds for VAT registration, it can be done voluntarily. Usually there is no need for this, since taxes have to be paid more, and this must be done every month, and not once a year. At the same time, it becomes possible to refund the spent VAT
in the event that the planned income
cannot be obtained.
VAT refund is practically a free loan of funds that are returned to circulation for a certain time. Value added tax (VAT in Bulgaria), which is 20%, is paid by companies that are registered for VAT. Payments are made from assets, services that are provided on the territory of Bulgaria, from goods that are imported into the country. Exports of goods and services
provided outside Bulgaria are not subject
to this tax.
VAT payers are recorded in a special register of the National Revenue Agency. Each company included in this register is assigned a unique VAT number. Subsequently, the tax is paid monthly, within 10 days after the end of the reporting period. If the company
is not registered for VAT, taxes are
paid once a year
It can be difficult to understand the intricacies of Bulgarian taxation on your own, and there is no point in this - it is better to consult with professional accountants who will appreciate the need to register a company for VAT and will tell you about all the advantages and disadvantages of such registration in a particular case. Contact us in any way convenient for you through
the Contacts section and we
will consult you for free!
We are always happy to help!
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