Bulgarian Company accounts for 2009

We need to inform you that due the end of the financial year 2009, every Bulgarian Company owner is obliged to submit their revenue tax declaration by 31st of March, 2010. We offer a simple and inexpensive service to property owners by preparing & filing all the necessary documentation each year. For you who have been our trustful clients and have been managed by Bg Consultant Ltd for the past year 2009 your annual accounts will be submitted on time and free of charge. If you wish to continue working with us we would like to inform you, that the price for our Company Management service remains the same for the following year 31.03.2010 - 31.03.2011, which includes your 2011 annual company accounts submission. For those of you, who has not been managed by us trough the past 2009 year, but you wish your annual accounts to be submitted on time please contact us. Note: if you was managed by us this, and all the other services we provide related to your Bulgarian company and property/properties in Bulgaria, would've cost you 50% less, annual accounts is included in the Company Management Fee.

The annual accounts need to be submitted by 31.03.20010, if you fail to do that according the Bulgarian Law, you personally, and your company will be charged a fee, which is min. of 2000 Bulgarian leva. We can submit your annual accounts, regardless where is you company registered office. For more information please have a look at Bulgarian Company Management. For any questions, please contact us as soon as possible, so we can act on your behalf before 31.03.2010, we will need all of your documentation filed with us to 15.03.2010.

If your company has not been re-registered yet you still need to submit your company annual accounts, please visit our web site for more information bulgarian company reregistration. Non-Bulgarians must use a Limited Company Structure to own land in Bulgaria. This situation will last until at least 2014 when the transitional arrangements of EU entry expire.

Every Bulgarian limited company must file annual accounts, whether it has traded or not and failure to do so will result in a fine, in extreme cases, the loss of the property owned by the company. We offer a simple and inexpensive service to property-owners by preparing & filing all the necessary documents each year.

Clear Pricing Policy Bulgarian company accounts ...

The price includes the provision of a Registered Office for your company. We are based in the city of Targovishte, on the North Eastern side of Bulgaria, but can file for companies located anywhere in Bulgaria. We can accept payment by Bank Transfer, Paypal. The cost of this service is 150 EURO 1st year and 75 EURO for each thereafter. If you receive a rental income from your property in Bulgaria then it is very important that you keep detailed accounts of income and expenditure and have an audit carried out annually and pay the appropriate taxes to the Bulgarian government.

Just note of what and why bulgarian Accounting laws in brief:

Consumption taxes
Nature of the tax VAT (value added tax) Tax rate 20% Reduced tax rate. A 7% rate applies to the service of accommodation provided by a hotel-keeper. A zero tax rate applies to exports and to transactions exempted from VAT under international agreements.
Other consumption taxes Bulgaria applies excise duty to alcohol, tobacco and cigarettes, money games, leather; tea and coffee, petroleum, gasoline, and second-hand vehicles.
For further information on excise duty consult the EU comparison table.

Corporate taxes
Tax rate
Company Income Tax The standard rate applied is 10%. Moreover, a municipal tax is calculated on the taxable base for corporate income tax. So, the global tax rate is 28% for annual taxable incomes below BGN 50,000 and 34.3% when beyond BGN 50,000.
Gambling Companies The tax rate is 10% or 12%, depending on the type of gambling.
Budget enterprises the tax rate is 3%.

Capital gains taxation
Capital gains tax for companies in Bulgaria is added to the taxable income of a company. Quoted shares sold on the Bulgarian Stock Exchange are exempt. Unrealised capital gains or financial assets are taxable only in the case of financial institutions.
Other corporate taxes
Fringe Benefits Tax: Benefits provided in kind to employees are taxable at a 10% rate on the employer in Bulgaria. The employer has to pay 65% of the social and health security contributions. The employer also pays contributions for 'Labour accidents and occupational disease' of between 0.4% and 1.1%, as well as 0.5% to the fund for 'Guaranteed claims by workers and employees' up to a maximum of 1,400 Leva.

Individual taxes
Tax rate
Income of any individual is subject to a flat income tax rate. 10%

Allowable deductions and tax credit
There are several types of reductions or allowances applying in Bulgaria, For example, donations are deductible up to 5%, Special expatriate tax regime
Foreign residents in Bulgaria are taxed uniquely on their Bulgarian income. In this case they must be resident in Bulgaria for less than 183 days per 12 month period.

Double taxation treaties
Countries with whom a double taxation treaty have been signed
See the list of the double Taxation Agreements signed by Bulgaria.
Withholding taxes
Dividends: 5%, Interest: 10%, Royalties: 10%
Bilateral agreement
We can indicate you which local taxes are applied to your product.

Sources of fiscal information
Tax Authorities
Taxes in Bulgaria
Other domestic resources Database on taxes in the European Union

Accounting Rules
Tax year
The fiscal year begins on January 1st and ends on December 31st of the same year
Accounting standards
International accounting standards were established in Bulgaria at the beginning of 2003. The standards apply to banks, insurance, social well-being and investment companies as well as unidentified companies. Bulgarian accounting standards are now in agreement with the standards of the International Accounting Standards Board.

Accounting reports
The balance sheet is presented into accounts with liabilities composed of constant capital and debts, because there is a distinction between long and short-term debts.
The profit and loss account gives priority to the repository of the global production and leaves the choice of the costs classification either by nature or by function. Publication requirements Companies have to publish a balance sheet, a profit and loss account and an appendix.

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