We will take care for your all-year-round accountancy. At the end, we will prepare and submit your annual tax returns, so you can be 100% legally compliant…Euroformat.eu
Annual returns are due in Bulgaria as follows:
- March 31st – for companies;
- April 30th – for private individuals.
From 2018, the Bulgarian tax codes changed and now you can amend your tax declarations until the end of September of the same year, without paying penalty. This possibility is only available in order to correct “accountancy mistakes”. This term is quite subjective however and corrections need to be done with reasonable backing of the reasons for doing so.
Annual tax returns in Bulgaria
Private individuals and companies need to submit annual tax declarations in Bulgaria. Under certain circumstances, private individuals may be exempt from this obligation.
Nil tax returns
For the companies however, there is no such possibility. During the years, we have been advising thousands on customers about the so called “nil tax returns”. These were called 1010a forms, but one to be extremely careful when opting to submit these now. Even the slightest financial movement, from accountancy point of view, needs to be reported through the standard tax declaration.
False declaration – consequences
Submitting tax returns that contain untrue information is called “false declaration” in Bulgaria. False declaration is very dangerous as it may imply penal responsibility in accordance with art. 313 from the Bulgarian penal code. If the false declaration leads to non-payment of taxes that exceed 3000 BGN (1534 EUR), the penal case will be carried out according to art. 255 from the penal code.
What if you have missed the deadline and have not submitted your annual tax return?
First of all, don’t panic. Bulgarian authorities, when approached professionally and proactively, are usually quite cooperative.
Then please contact us or liaise with your legal counselor in Bulgaria. You need to take immediate action and to inform the tax agency for your delay. In some cases, it is even possible that you will get away without even a penalty. But speed and initiative are the key here.
And what if your unpaid taxes are in excess of 3000 BGN
If this is the case, then you should follow a special and quite comprehensive procedure in order to avoid penal responsibility. Please contact us for details.