Bulgaria just reduced the Intrastat threshold for both, arrivals and dispatches, as from 1 January 2017. The arrivals threshold will be reduced from BGN 460,000 to BGN 410,000 (approximately €210,000). The dispatches threshold will be reduced from BGN 260,000 to BGN 240,000 (circa €123,000).
In addition, statistical thresholds have also been reduced. These threshold require more level of detail in your Intrastat returns. The new statistical Intrastat thresholds as from January 2017 in Bulgaria will be BGN 5,600,000 for arrivals and BGN 11,700,000 for dispatches (approximately, €2.8M...Read more
The Bulgarian authorities announced a quick VAT refund mechanism for qualified taxpayers. Currently, all businesses requesting a VAT repayment are subject to an audit investigation where the authorities check that all formalities have been met and confirm the right to deduct input VAT of the relevant business. These audits take a minimum of 30 days and can be extended to other tax areas of the business. Following the announcement made on 1 September 2016, a selection of qualifying taxpayers will receive VAT refunds automatically into the local currency bank account stated in their VAT return.
The quick...Read more
In an attempt to reduce VAT fraud, the Bulgarian government has proposed additional compliance obligations on businesses supplying fuel in Bulgaria. This proposal was published in the website of the authorities and is currently being discussed.
According to the proposed changes, businesses supplying fuel in Bulgaria will be required to set up a bank guarantee in favour of the regional tax office where they are registered. This guarantee would be required from companies exceeding the threshold of BGN 25,000 in their intra-Community acquisitions or domestic supplies. It is however not clear whether...Read more
A number of VAT compliance changes have been introduced in Bulgaria. The electronic format of the VAT return has been updated and the Excise duty calculations and forms have been amended.
Bulgaria is one of the few countries requiring a sales and purchase ledger to be attached to the VAT return. This ledgers and VAT return are filed electronically. Forms are in Bulgarian language and Cyrillic writing, which makes it difficult for foreign companies to adapt to these requirements.... Read more
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