Bulgaria to Introduce Electronic Receipts

Business » FINANCE | March 21, 2024, Thursday // 12:30
Bulgaria: Bulgaria to Introduce Electronic Receipts

Bulgaria is ushering in a new era of digitalization in its retail sector as merchants will soon have the option to issue electronic receipts for goods or services sold. This initiative, outlined in a draft of changes to the regulation of the Ministry of Finance on cash registers, aims to streamline transactions and enhance transparency in financial reporting. The draft has been made available for public discussion until April 3, signaling the government's commitment to soliciting feedback and ensuring a smooth transition to electronic receipt issuance.

According to the proposed changes, merchants seeking to issue electronic receipts must utilize approved software listed in an appendix to the VAT Act. This software will facilitate the generation and transmission of electronic receipts to customers, as well as reporting requirements for businesses. To comply with the new regulations, merchants must also collect customer data such as email addresses, website profiles, or mobile app information.

While the transition to electronic receipts marks a significant step forward in modernizing Bulgaria's retail sector, the draft ordinance also recognizes the importance of consumer preferences. Customers will retain the option to request paper receipts, ensuring flexibility and accommodating diverse preferences. However, the document outlines stringent guidelines for electronic receipts, detailing the necessary attributes and information that must be included to ensure compliance with tax regulations.

Currently, some merchants have already begun experimenting with electronic receipt systems, offering customers the option to receive digital receipts alongside traditional paper ones. However, the forthcoming regulations aim to standardize electronic receipt issuance across the retail landscape, promoting consistency and efficiency in financial transactions.

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Tags: Bulgaria, electronic, receipts

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