Yearly declaration for your Bulgarian company if you have missed the regulated period -

There are a great deal of things to know and understand, knowing about one of the important tasks is to prepare and submit the annual return and annual financial  statements of their company for the previous calendar year beginning of 01.01 and ending on 31.12, or from the date of registration of the company to 31.12 at the  same year.

Every year, each company must prepare these documents, regardless of whether that company trades or not. The annual tax return and annual financial  statements shall be prepared by accountants and stamped with the seal of the company. These important documents must be submitted to the relevant branch of the  National Revenue Agency by the address of the company no later than 31st of March each year.

Example: One company was registered on 12.08.2010 in Popovo, Targovishte, the annual tax returns and annual financial statements for the corresponding period of  12.08.2010 to 31.12.2010 shall be submitted not later than 31.03.2011 at the Territorial Directorate of the National Revenue Agency in Targovishte and the National  statistical institute.

If this is not done, the company will be penalized by the inspectors of the Territorial Directorate of the National Revenue Agency with act for establishing of an  administrative offence, which will be followed by an act of establishing an administrative penalty payment of a fine.

The Act for establishing an administrative penalty puts you in obligation for a period of time to pay the fine, and beyond that period there will be interest that you will have to pay as well. The size of the  fine is determined on territorial level - example: In a region where the fine is 500 leva, in another area is 1000 leva. If occurs the same violation from the same  company in the future, the fine is much greater.