The Business will Save over BGN 1.1 Million after Changes in the Tax Code
Over BGN 1.1 million will save the business annually from one of the proposed amendments to the Tax and Insurance Procedure Code (TSPC), which are published by the Ministry of Finance for public discussion. This was announced by the National Revenue Service (NRA).
It is the proposal that legal entities who have not been active and are exempted from submitting an annual activity report (the statistical report) should not be required to file an annual tax return under the Corporate Income Tax Act and to declare annual financial statements in the commercial Register. According to NRA's analysis, this measure will save costs for translations, transport, salaries of employees of nearly 200 000 companies, which now send their declarations to the NRA and announce their financial statements without activity. The TCPC project also provides for other benefits for citizens and business representatives. For example, emerging companies will be able to claim voluntary VAT registration at the same time as registering with the Registry Agency. Registration will take place under a simplified procedure and companies will save their visit to both institutions.
With the TIPC draft, it is also proposed that the obligation to register under the Value Added Tax Act should also be waived for companies to submit an inventory of available assets. It is also envisaged that the NRA may be able to provide information on the presence or lack of duties to other competent authorities on official channels.
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