| Nominal
Ltd - Bulgaria, Burgas is an accounting company,
specialized in outsource services in the field
of accounting, bookkeeping, payroll, legal and
tax consulting. We offer high quality express
accounting services for persons and companies
from all over the world in every district in
Bulgaria.
Accounting
and taxes in Bulgaria - summary:
Accounting
& Bookkeeping
Bookkeeping is a compulsory obligation of all
legal entities operating in Bulgaria. It should
be made according to Accountancy Act and applicable
Accounting Standards.
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Payrolls
All legal entities should conduct their payroll
activities on a monthly basis. This is applied
for employees and management remunerations,
their income tax and social security payments.
The legal regulations are subject to annual
review and change.
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Inventory
and cost accounting
The inventory and cost accounting have to follow
the legal accounting and tax regulations that
can differ one to another. We would take this
into conderation preparing your company tax
planning.
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VAT
tax returns
Any company with an annual turnover above 25
000 euro is subject to VAT regulations. Bulgarian
value added tax is 20% and VAT reporting is
on a monthly basis. Application of VAT recovery
rules requires specific experience and often
contacts with the tax administration.
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Financial
statements
Any company should prepare annual financial
statements according to Bulgarian Accounting
Standards or (for joint stock or other big companies)
according to International Financial Reporting
Standards. The statements of companies with
turnover above 1 000 000 EUR are subject to
compulsory audit.
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Tax
returns
Any company should prepare annual tax return
till March 31st of the next year. It requires
application of dozens tax exemptions with financial
effect into the next years. Tax regime may require
tax application and payments in the course of
the year.
Other tax returns are required if company is
in possession of real estates or automobiles.
Individuals should present their annual tax
return till April 15th. It includes all incomes
originated from Bulgaria that may or may not
be subject to a double taxation treaty.
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Contact us:
For additional
information please, contact
us. |
