Ministry of Finance Offering Tax Relief for Home Renovation in Bulgaria

Business » FINANCE | August 13, 2020, Thursday // 18:13| Views: | Comments: 0
Bulgaria: Ministry of Finance Offering Tax Relief for Home Renovation in Bulgaria pixabay.com

In order to help bring the sector of renovation services out of the grey economy, in which no income is declared, the Ministry of Finance offers a discount on taxes when repairing a home, Club Z reports. The discount can reach up to BGN 200, according to a bill published by the Ministry.

The requirement is that the home is owned (not rented) and a sole one, and those wishing to renovate it can reduce their tax base by up to BGN 2,000, hence reduce the amount of their declared income. Given that in Bulgaria income tax is 10%, the tax bonus can reach up to BGN 200.

The conditions for receiving the discount are related to the presentation of documents to the tax authorities proving that renovation has taken place - receipts, invoices, payment orders and others issued by the responsible entities. They, in turn, will have to declare income. Another requirement is that the renovation be carried out by a Bulgarian company that is not related to the homeowner.

If the bill is passed, it should take effect early next year. It is clear from the proposal of the Ministry of Finance that the bonus can also be used for renovations made this year.

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