VAT Registration Procedure and VAT Registration Types in Bulgaria – part II

Posted on August 25, 2011 by i.zlatkova

We will continue our previous post about the VAT Registration Procedure and VAT Registration Types in Bulgaria

2. Voluntary registration

According to VATA, Art. 100, para 1: “Any tax liable person, to whom the terms for compulsory registration under art. 96, par. 1 are not applicable is entitled to be register under VAT”.

3. Registration procedure

According to VATA, Art. 101: “The registration shall be carried out by submission of an application for registration according to an Application form to the competent territorial directorate of the National Revenue Agency by the person, who is obliged or entitled to do the registration”.

In compliance with para 2 from the same article the application shall be submitted:

- personally, in case that the tax liable person is legally capable individual or a sole trader;

- by a person, who has PoA by a law, in case the tax liable person is a legal person or a cooperation;

- by a person, who is authorized according to articles of association, in case… continue reading »

VAT Registration Procedure and VAT Registration Types in Bulgaria – part I

Posted on August 23, 2011 by i.zlatkova

After a company has been established, it can be registered as a VAT payer. The registration under the Bulgarian VATA is compulsory or voluntary. The National Revenue Agency of the Republic of Bulgaria creates and maintains special register under VATA. Along with the entry in the register the legal entities shall acquire identification number for the purposes of VAT in front of which shall be placed the sign “BG”.

1. Compulsory VAT registration

According to VATA, Art.96, para 1: “Any tax liable person, who has a taxable turnover of BGN 50.000 or more, for a period, not exceeding the last 12 consecutive months prior to the current month, shall be obliged to submit an application for registration under this law within 14-days term from the expiry of the tax period, during which he has reached this turnover”.

1.1 Compulsory VAT registration based on executed intra-community acquisitions

Bulgaria is an effective member of the EU since January 1st, 2007. In this sense if a Bulgarian company purchase goods or services from… continue reading »

Bulgarian Banking System Once Again Has Proved To Be One of the Most Stable Within the EU

Posted on August 18, 2011 by i.zlatkova

The topic about stability of all kind is widely discussed nowadays. The modern societies are increasingly talking about the presence or the absence of economic, financial, fiscal, political and banking stability in a certain country or countries.

Regarding the banking systems, recently an interesting trend is being noticed and this is the significant growth in deposits in Bulgaria over the last two months thanks to Greek and Romanian nationals, who rush to stash their savings here, officials and bankers say.

The deposits of foreign citizens and companies in local banks have increased by BGN 18 M and BGN 49 M respectively in June over the previous month, according to figures, cited by 24 Hours daily.

“There has been recently a noticeable trend among Greek citizens and businesses, who prefer to open deposit accounts in Bulgarian banks,” Maria Ilieva, CEO of MKB Unionbank, the 12th largest bank by assets in the country, said the daily.

The Bulgarian banks stability and their more attractive interest rate policy are the main reasons for… continue reading »

Bulgaria Is Among The Top 6 Countries From The Emerging European Market

Posted on August 16, 2011 by i.zlatkova

EUROPE SOVEREIGN RATINGS – EVOLUTION OF ABILITY TO PAY
Country Total Score Rating Market View Ability To Pay
2011 2011 2011 2008 2009 2010 2011
Estonia 90 A+ 3 - 58 67 89
Russia 80 A- 3 66 64 80 85
Kazakhstan 75 B 3 64 58 76 76

… continue reading »

Bulgaria’s Fiscal Stability Assessed To Be One of the Highest Within the EU

Posted on August 16, 2011 by i.zlatkova

Financial stability and risk management are among the topics which provoke intense debates and analysis on a global scale. This is mainly because of the fact that the uncertainty and the impossibility to predict certain economic events are growing every day. The heavy hit of the world financial crisis brought the need of increasing assurance and expert advice to investors and their planned business undertakings. In order to maintain a high market confidence and high rates if direct domestic and foreign investments, governments are nowadays obliged to ensure working risk management practices and to request a regular feedback from investors, audit firms, financial institutions, industry associations and other stakeholders on their practical experiences as users of the resulting disclosures or in implementing the risk disclosure recommendations. As the Financial Stability Board advices, based on its last report on Risk Disclosure Practices, countries should most of all focus on their economic risk management and the level of the public risk disclosure.

The above presented is very much related to one very… continue reading »

  1. Pages:
  2. 1
  3. 2
  4. 3
  5. 4