Accountants Bulgaria: Who is Aidos?

Welcome to the website of Aidos – Accountants Bulgaria. We are a company dealing with the administration part of your business. Our services include: bookkeeping & accounting, payroll, VAT and tax preparation and company registrations.

We choose our website to be in a weblog format. In this way we are aiming to create a continuously refreshing and growing knowledge base. Below here you’ll find posts on topics related with doing business in Bulgaria, changes in the law, introductions of our clients and more, what we think may be of interest for you. By following the links in the right hand menu you can find more information about us, our services, or on specific subjects. When you feel something is missing just let us know and we will add it.

When you cannot find here what you are looking for, don’t hesitate to contact us.

Thanks for visiting us here!

The Aidos team

Aidos Accounting Bulgaria

 

Tax Considerations on selling property in Bulgaria

Selling property in Bulgaria

Selling property in Bulgaria

Basically the tax rate in Bulgaria is 10% for individuals and same for corporations. Unless you are actually working in Bulgaria (legally), you are unlikely to have to pay any tax on a regular basis unless you selling property in Bulgaria at a profit. Here is a quick overview of the tax situation when selling a property.

Much will depend on where you are deemed to be resident. If you are still resident in the UK for tax purposes then any profit could be taxed here in Bulgaria and subject to a withholding tax, but you may still have to pay additional tax in the UK depending on what other income or capitals gains you have that year.

If you are resident in Bulgaria for tax purposes i.e. have a permanent address here in Bulgaria, spend over 183 days here in any 12 month period and if your center of vital interests are here in Bulgaria.

Presuming you are resident in Bulgaria for tax purposes then the Bulgarian Individuals Income Tax Act states that personal incomes from the sale or exchange of real estate (apartment, land, buildings) is free of tax if you sell only:

  1. a) one residential property, if between the date of acquisition and the date of the sale or exchange is more than three years;
  2. b) two properties, as well as agricultural and forest properties regardless of their number, if between the date of acquisition and the date of the sale or exchange is more than 5 years.

Therefore if you are resident in Bulgaria for tax purposes and have owned the property for more than 3 years at the date of sale, then there should be no tax to pay, even if you make a profit.

To calculate if there is any profit on a sale, the (declared) purchase price is deducted from the (declared) sales price. If you have proper invoices for work done on the property you may be able to deduct these expenses as well.

 

Please contact us when you have any further questions on taxes and selling property in Bulgaria.

 

(By Rachel Gawith – The Travel Bug)

Lottery with cash-receipts in Bulgaria

Lottery with cash-receipts in Bulgaria

cash-receipt

On November 16th the Bulgarian National Revenue Agency (NRA) started a Lottery with cash-receipts. The lottery will go on for one year – up until December 11th 2016. This initiative is to serve as motivation for the people to claim their official cash-receipts following purchases in shops and restaurants and other service-providing establishments. This way the NRA hopes to get more control over the turnover of the Bulgarian companies. The Agency has launched a website dedicated to the lottery game, Lottery with cash-receipts, where you can register every cash-receipt that you have, regardless of the service, the product, or the cost.

A total of 65 prices will be given away in the course of the year. Once per week a smartphone will be given away, once per month a smart television, and the jackpot at the end of the lottery: a car. The weekly winners of the Lottery with cash-receipts are to be announced every Sunday on Bulgarian National Television in the program “The day starts with Georgi Liybenov”. The monthly winners are to be announced on the last Sunday of every month.The first owner of a brand new smartphone will be announced on 20th of December this year. The first monthly winner will be announced on January 10th 2016. The winner of the car, will be announced on December 11th 2016.

In order to participate in the lottery you first need to create a personal account at the website of Lottery with cash-receipts. A single cash-receipt can be added by multiple users, so if you are a family you can make few personal profiles and add the same receipt. This way your chance of winning will get higher. The information you should enter from the cash-receipts is: date, hour, and the amount of the receipt .

To participate in the lottery you must be a Bulgarian citizen, minimum 14 years of age. You may enter as many cash-receipts as you wish. Every other cash-receipt increases your chance of winning. Only cash-receipts issued between November 16th 2015 and December 11th 2016 are valid. The cash receipts must be official, they should have printed on them “Фискален бон”. Be aware of any kind of receipts without “Фискален бон” printed on them or when you are not given a cash-receipt at all. It is actually the duty of the customer to request the proper cash-receipt. Furthermore it is important that you keep the cash-receipts that you enter, until the end of the lottery in order to prove your entry in case you win.

More information and terms you can find on the website of Lottery with cash-receipts.

Good luck with collecting cash-receipts!

(By Sava Saavedra and Radoslav Kostadinov)

Holidays Bulgaria in 2015

Holidays Bulgaria in 2015Holidays Bulgaria

January

Non-working days;
Thursday – January 1st (New Year’s day), Friday – January 2nd (Extra day)

Working days;
Saturday – January 24th (For January 2nd)

March

Non–working days;
Monday – March 2nd (Extra day)
Tuesday – March 3rd (National holiday)

Working days;
Saturday – March 21st (For Monday, March 2nd)

April

Non–working days;
Friday – April 10th (Good Friday)
Monday – April 13th (Easter)

May

Non–working days;
Friday – May 1st (Labour Day)
Wednesday – May 6th (St George’s Day)

September

Non–working days;
Monday – September 21st (Extra day)
Tuesday – September 22nd (Independence Day)

Working day;
Saturday – September 12th (For September 22nd)

December

Non–working days;
Thursday – December 24th (Christmas Eve), Friday – December 25th (Christmas Day)
Thursday – December 31st (New Year’s Eve)

Working day;
Saturday – December 12th (For December 31st)

Total working days per month;

January 21
February 20
March 21
April 20
May 19
June 22
July 23
August 21
September 21
October 22
November 21
December 21

Find here an overview of the public holidays Bulgaria 2016