Since 2007, Bulgaria is a member of the EU and it was necessary to adjust and harmonize its legislation with the acquis communautaire of the EU. The tax regime in Bulgaria can be classified generally in two categories: direct taxation (corporate tax, income tax for individuals, withholding tax) and indirect taxation (VAT tax and excise tax).
National Revenue Agency is entrusted with the management of the taxes in Bulgaria.
Corporate Income Taxes;
Taxes for Natural Persons;
A practice of using legal means to pay the least amount of tax possible. This is different to tax evasion which is the practice of using illegal methods to avoid paying tax. Paying minimal tax is not necessarily a sign of avoidance. Tax planning involves using tax reliefs for the purpose for which they were intended.
- Set up accounting systems and software properly;
- Enter transactions;
- Perform checks, reconciliations and end of year processes;
- Ensure they are up to speed with legislative requirements and management reports;
- Undertake payroll duties and compliance;
- Prepare BAS returns, as a registered BAS agent or under the supervision of a registered BAS agent;
- Provide general business administrative support.
Good record keeping can help you protect your business, measure your performance and maximise profits.
Record keeping can benefit your business by allowing you to:
- Plan and work more efficiently;
- Meet legal and tax requirements;
- Measure profit and performance;
- Generate meaningful reports;
- Protect your rights;
- Manage potential risks.
- bonuses & commissions to employees
- overtime pay
- payroll taxes and costs
- Social Security
- federal income tax
- state income tax
- state unemployment tax
- federal unemployment tax
- worker compensation insurance
- employer paid benefits
- sick days
- all kind of insurance
- retirement plans
- profit-sharing plans