Tax relief for children

According to a change in the Personal Income Tax Act (effective as of 01.01.2015) under certain conditions tax deductions for children can be used.

Declarations were published on 11.11.2015.

For further information - please contact your accountant at BAND or send a mail to:office@band-cm.com.

Consolidated Bulgarian version of ISFR

consolidated version  of International Financial Reporting Standards in Bulgarian language was published and it is available at the folowing link:

http://eur-lex.europa.eu/legal-content/BG/TXT/?qid=1399554915270&uri=CELEX:02008R1126-20140101.

Full text of the Bulgarian language can be downloaded here

IAS Changes

On 20th November 2013 Regulation (EC) 1174/2013 with Regulation (EC) 1126/2008 were adopted amendments to certain International Standards in relation to International Financial Reporting Standards (IFRS) 10 and 12 and IAS 27.

The changes affect the basic definition of an investment company and is available from January 1, 2014.

The full text of Reglametna can be downloaded here.



Regulation (EC) 1174/2013

BY 31.7.2013 TO BE SUBMITTED DECLARATIONS FOR Q2 2013

By the end of July 2013 the individuals who define themselves and pay the advance tax due must submit a new declaration under Art. 55, para. 1 of PITA and art. 201, para. 1 of CITA ( model 4001 ) for taxes due for the second quarter of 2013. These are the individuals in the second quarter gained income, such as landlords of individuals, as well as notaries, lawyers, dentists and others self-employed. Declaration is made ​​three times a year - in terms of payment of taxes. Since the income acquired during the fourth-quarter of this year no tax is due, and therefore is not declared. 

Declaration of art. 55, para. 1 of PITA and art. 201, para. 1 CITA also must be filed by any entity or self-employed person who pays income to individuals other than those under contract and is liable to withhold tax, namely:

  • income from non relationships or rental or other onerous assignment of rights or property to which the withholding tax deducted by the payer. In these cases due advance taxes paid and declared the NRA until the end of the month following the quarter in which it is receive income for income paid during the fourth-quarter of this year no tax is due and therefore not reported;
  • income subject to final taxation under Chapter Six of the Law on Income Tax of Natural Persons Act (PITA). These are taxes levied on income of foreign individuals (eg, fees for services, penalties, damages, scholarships in Bulgaria, interest income, etc.) as well as the income of local and foreign individuals (eg, dividends, liquidation proceeds, etc..)

Form is submitted and withholding taxes under the corporate income tax, such as taxes on dividends and liquidation quotas in favor of foreign companies and local companies who are not traders, including municipalities.

31 July 2013, with the new model 4001 is declared and taxes were due but not paid at 31. 12.2012 Generally these are taxes in accordance with PITA had to be made ​​by that date, but for one reason or another, it is not made ​​by the debtor.  

More information about completing the declaration, payment of taxes and new deadlines can get the phone for information on NRA 0700 18 700 the cost of a call.

 

17/07/2013

Source: National Revenue Agency

DEALS WITH CROATIAN COMPANIES AFTER 01/07/2013

From 01.07.2013 Croatia joins the European Union, resulting in transactions between Bulgarian and Croatian companies after that date will be treated as intra-Community.

Check the validity of VAT numbers Croatian taxable persons registered for VAT purposes can be made ​​by 07.01.2013, through the website of the European Commission / Directorate General Taxation and Customs Tax

IMPORTANT! The format of the VAT number is: prefix HR and 1 group of 11 digits (Example: HR12345678903)

 

Source: NRA Heading VAT on intra-Community transactions

26/06/2013