According to the legislation of Republic Bulgaria each
registered company must prepare an annual balance by way
of an annual tax report and together with the annual tax
declaration, these must be presented in from of the
local Tex Service not later than 31st March
each year. Non-declaration or presentation of a document
with false contents or supplying false data is charged
with a fine, which is not less than 2000 BGN (around
1000 EUR).
Our partners from
www.PropertymanagementBulgaria.com can provide full
accountancy and administrative servicing of your company
representing you in front of the Territory Tax
Administration through the service
According
to the Bulgarian legislation, all foreign investors who
have bought properties in our country as legal entities
can be provided with accountancy and administrative
services for the limited companies registered by them,
so that they observe strictly all laws of Republic of
Bulgaria.
The
Bulgarian laws do not allow foreign investors to own a
real estate on the territory of our country as physical
persons. But this is not related to legal entities with
foreign participation. For this reason, most investors
set up a limited company in order to be able to purchase
a property in Bulgaria. To own a company in our country
is a difficult and responsible procedure. It is not only
difficult - as you have to be very well familiar with
the active legal system in Bulgaria, but also
complicated - because you must closely observe the
regulations of our accountancy and tax policy. The
sanctions, imposed as a result of their non-compliance
or delay are grand and strict, and they always involve
tax inspection of your company, no matter if it is be
opened with the sole purpose of purchasing a property or
not, no matter if it performs any activity or not.
According
to our Accountancy legislation, all registered companies
must present their annual accounts, preparing an annual
tax report and together with the annual tax return,
these all must be submitted in the local Tax Office not
later than 31-th March of each year. In case of
non-submission, or presentation of a document with
untrue contents or false data, a fine is imposed, which
starts from 2000 BGL on (approximate 1000EUR).
If
the overall accountancy of your company has not been
well kept or the deadlines have not been complied with,
your company will have to pay serious penalties, in
accordance with all the strictness of the Bulgarian
laws, and a tax inspection is also to be expected. Your
company is considered as performing a kind of activity
if you make any kind of improvements on your property,
related to partial or full renovation or reconstruction.
Furthermore, your company is considered a functioning
one, if it rents the property out and receives rental
income. This includes receiving or issuing invoices,
receipts, warrants, bank documents, paying the local
fees and taxes, as well as using the services of a
qualified accountant.
We
recommend using well experienced accountants, who will
not only prepare all necessary papers, but they will
also provide useful advice on how to cut your fees and
taxes. In order to be permanently informed about your
company financial status, our financial experts keep
constant contacts with you in fluent English or by
e-mail (or in other ways preferred by you). If your
company performs some activity (for example if you
manage the property or rent it out), your accountant
prepares all kinds of papers, issued or received by your
company or in its name, prepares and presents to you a
monthly income-and-expenditure report, represents you as
a legal person in front of a number of state and public
institutions, and also pays the due taxes, fees and
insurance installments.
If
you decide to use our services of full accountancy and
administrative management of your company, as we
represent you in front of all institutions in our
country, you have to provide us with the original papers
of your company.
For
companies, registered with the sole purpose of
purchasing a property or those which do not perform any
activity, we charge 200 EUR per year, which covers the
annual tax report, and the annual tax return preparation
and submission in the local Tax Office. If your company
is an active one, the tax is to be paid each month and
it is a subject of further negotiation, depending on the
services required.
