VAT Deregistration in case of Bulgarian company liquidation May13

VAT Deregistration in case of Bulgarian company liquidation

When your Bulgarian company goes into liquidation, VAT deregistration procedure is compulsory.  After the date of deregistration, the company has no right to charge VAT and to deduct credit for input tax. The winding up or liquidation of a company is one of the grounds for compulsory VAT deregistration, unless th...

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Employees’ guaranteed claims in the event of Bulgarian company bankruptcy May20

Employees’ guaranteed claims in the event of Bulgarian company bankruptcy

Employees who have or have had an employment contract with a company which goes bankrupt, regardless of the term of the contract and the length of working hours, are entitled to guaranteed claims. The guaranteed claims of the employees are accrued and unpaid: labour remuneration payable under individual and collec...

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Trade representative office in Bulgaria Jun03

Trade representative office in Bulgaria

Foreigners and foreign legal entities may establish a trade representative office in Bulgaria. The registration of trade representative office of a foreign company is one of the cheapest and relatively faster options for foreign citizens to . According to the Bulgarian law, the trade representative office i...

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Company liquidation in Bulgaria Jun10

Company liquidation in Bulgaria

Company liquidation in Bulgaria is a process that closes a company down and removes it from Bulgarian Commercial Register. The winding up of the Bulgarian company goes through several stages and takes not less than 8 months. First of all, the company must submit a notification under Art. 77 of the Tax and Social Insura...

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Lease of agricultural land in Bulgaria Jun18

Lease of agricultural land in Bulgaria

Foreigners and foreign legal entities may lease an agricultural land in Bulgaria. A farm lease agreement binds the lessor to convey to the lessee the agreed assets for and the lessee to pay the agreed lease payments. A deed contract as well as an agreement for its amendment or termination can be concluded with a...

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VAT registration in Bulgaria Jun25

VAT registration in Bulgaria

VAT registration in Bulgaria is compulsory and optional. The National Revenue Agency issues an identification number for VAT purposes, having a prefix "BG". ...

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Registration of non-residents for VAT purposes in Bulgaria Jul02

Registration of non-residents for VAT purposes in Bulgaria

The Bulgarian VAT Act provides a special procedure for registration of non-residents for VAT purposes. The registration shall be made at the National Revenue Agency territorial directorate. Any non-resident person, who has a fixed establishment within the territory of Bulgaria from which the said person carries out...

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VAT taxation of imports in Bulgaria Jul09

VAT taxation of imports in Bulgaria

Taxation of imports in Bulgaria is regulated by the Value Added Tax Act. The importation of goods is subject to VAT at a rate of 20%. According to the VAT Act "importation of goods"...

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Setting up a Foundation in Bulgaria Sep10

Setting up a Foundation in Bulgaria

Founders of a Foundation in Bulgaria may be Bulgarian and foreign citizens of full capacity to act, as well as local and foreign companies. The law does not differentiate between nationals and non-nationals for purposes of establishing, membership or management of the Foundation and does not specify any additional requirements on the...

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Revocation of Power of Attorney in Bulgaria Oct01

Revocation of Power of Attorney in Bulgaria

The deteriorating relationship between the principal and the proxy and the loss of trust between them is the most common reason for the revocation of Power of Attorney (PoA). When giving power of attorney, citizens underestimate the possibility of a breach in their relationship with the proxy at some point. In order to avoid possible...

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