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Taxation in Bulgaria

Bulgarian Corporation Tax rates are attractive for the foreigners. In the country the income of any person or legal entity is subject to a income tax rate of 10 %.If the person meet the criteria of a permanent resident of the country, the tax will be calculated on the base of his income earned in Bulgaria and abroad.

A foreign resident should pay the due tax only about his income, earned in Bulgaria. A Bulgarian resident is considered any person, who stay in Bulgaria at least 183 days in the year, and also the individual has a property in Bulgaria, used as main residence. The employer should deduct the tax payable each month from the salary of employee.As per the Corporate Income Tax Act, all companies, developing business in the country shall pay a anual corporate income tax at a rate of 10 %. A special tax rate is applicable for shipping companies and to companies involved in gambling.

The tax year in Bulgaria ends on December 31. Any trade company should fill an annual report by March 31 next year. The individuals must file an annual report not later than April 15. All trade companies, which have finished the fiscal year with a profit accumulated have to pay twelve advance monthly tax payments.

In Bulgaria, as per the Corporate Income Tax Act, dividends from private companies are subject to a tax of 5 percent tax rate.

Value added tax. Subject to this tax payment is each taxable supply of goods or services subject to intra-European Union acquisition, whereof the place of transaction is inside the territory of the country. The tax is payable by a subject of registation of this registered under this Law or case where an obligation to register has arisen.

Taxable supply is considered any supply of goods or services, which have been effected by a taxable person as per VAT law whereof the transaction happened within the territory of the country.

Taxable person is considered any person who carries out an economic activity, subject to taxation of the VAT law.

The applicable rate of 20 % shall be implemented to the taxable supplies into the territory of the country and also to the taxable intra-European Union deliveries.

We can provide you legal advice and assitance with regards of the structuring of the tax transactions, tax treatment and negotiations with the tax authorities, assistance in avoiding tax pitfalls, appeal of denial to reimburse of VAT credit, etc.