Annual reporting in Bulgaria

These are:

1. The GDD (annual tax return) is filed with the National Revenue Agency (NAP) by 31 March inclusive. Since 2017 it can only be filed electronically.
2. The GOD (annual activity report) is filed with the NSI (National Statistical Institute) by 31 March inclusive. It can only be filed electronically.
3. The GFO (annual financial statement). It is published in the Commercial Register by 30 June inclusive. It is important to note that after 15 June the Trade Representation website practically stops working because of overload, so reports can only be submitted through the Trade Representation’s electronic system at night.
4. In addition, personal income tax returns for the year are filed by 30 April; for company managers they are mandatory.

You can prepare the reports yourself – the websites of the NSI, NAP and the Commercial Register have the required forms and instructions for completing them. However, not every company director is prepared to work through the finer points of filling in such documents on their own, so this kind of work is usually entrusted to accountants. It is important to find an experienced specialist in good time, so that no difficulties arise later because of incorrectly or belatedly prepared documents.

You should prepare for filing the reports in advance. A competent accountant will always warn you about changes in the law and remind you to sign the necessary papers, but company owners themselves are also better off not letting things take their own course. It is important to make sure the accountant has a power of attorney from the company’s manager and to provide the specialist with the required documents in good time if the company has been trading. You should seek advice before 31 December, since after that date nothing in the report can be changed. Please note that from 1 January 2018 it will no longer be possible to file reports on paper. In general, you should not delay filing. If you miss the deadline, you will have to pay a fine. That is why you need to take care in advance of having an electronic signature, or a power of attorney allowing the accountant to obtain one.

Failure to file a report with the tax authorities or the Commercial Register, or filing it late, is punishable by a fine of between 500 and 3000 leva; for a repeat offence the fine can be up to 6000 leva. If a report is filed late with the NSI, the fine may be between 200 and 2000 leva, and for a repeat offence it may reach six thousand.

Duplicates of the accounting reports submitted, with their incoming reference numbers, are kept in the commercial register. Publication of the report is mandatory, and this should not be forgotten.

Trade representatives also face the need to file reports. Many of them are entirely unaware that an annual report has to be prepared. It must be published in the BTPP register, not in the Commercial Register. An accountant with experience of working with representative offices should be aware of this.

Reports can be filed through an accountant or a lawyer. In the first case a power of attorney from the company’s manager is required. A lawyer can manage without a power of attorney, but filing services in this case usually cost more.

The company “Bulgarian Expert” is glad to offer you filing of reports by either of these methods. Our team includes both lawyers and accountants, always ready to help with paperwork and to advise on a variety of matters!

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