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We will take care to process all your accountancy documents (invoices, etc.) and to file on time 100% compliant VAT declarations every month…

Euroformat.eu

Value Added Tax (aka VAT) is one of the worst understood tax areas, but the one that matters the most. VAT in Bulgaria is 20% and is billed by all VAT-registered entities (both private individuals and companies).

VAT registration

We provide services for VAT registration in Bulgaria. The registration can be done either voluntary or when required by law. For more information, please check this great post.

The registration is processed by the Bulgarian National Revenue Agency and is subject to approval. The entity has to possess office in Bulgaria (rental or purchase contract) as well as accountant (accountancy company). There are also other conditions that need to be met as well.

After the VAT registration

After the company (or private individual) is registered for VAT purposes, the company has to file monthly VAT declarations. These declarations have to be submitted to the Revenue Agency by the 14th of each month. Our accountants will take care of all that so you can concentrate on your core activities.

In order to be able to file compliant VAT declarations, you must ensure to provide us with all invoices and other accountancy documents on time. Processing all the paperwork can take time and failing to submit the VAT declarations by the 14th of the month may have severe consequences.

Trading internationally as VAT registered Bulgarian company

Doing international business without VAT registration is virtually not possible. But it also requires strict legal compliance and deep knowledge of the accountancy procedures.

VAT between EU companies

Usually, when an EU company invoices another VAT-registered EU entity, no VAT is invoiced. This is the rule of thumb, but there are many exceptions one needs to be aware of.

Self-declaration of VAT

In some instances, the seller will invoice VAT-free and the buyer will be obliged to self-declare and pay the VAT to the Revenue Agency. Please contact us if you have any doubts as to whether this may concern you.

Investment Gold and VAT

gold Krugerrand coin

Investment in gold is picking up in recent years. Not only the central banks of all major economies (ie Russia and China) are buying and stacking gold. Companies and private individuals are among those who are buying and driving the price of gold up.

Investment gold is free of VAT in the European Union. Each member state has transformed the EU directives into its own tax codes. In Bulgaria investment gold, logically is VAT-free too.

Trading with investment gold is complicated however. The deliveries need to be related to the costs the company makes in order to avoid paying VAT. The investment gold has to fulfill certain criteria in order to qualify as “investment gold”.