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 Accountants Sofia

Publication of Annual financial reports

Publication of Annual financial reports

annual financial reportsCompanies in Bulgaria are obliged to declare their annual reports at the National revenue agency (NRA)/ Националната агенция за приходите (НАП) and at the National Statistical Insitute (NSI)/ Национален Статистически Институт (НСИ) before the 31st of March of the year following the booking year.

Besides these declarations companies should publish their annual financial reports 2010 at the Trade Register/Търговски регистър before 30 of June 2011. The fee to the trade register for publication is 50 leva. Not fulfilling these obligations can lead to penalties.

Please contact us when you have any questions.

Tax Freedom Day Arrives in Bulgaria on May 4

Bulgarians will work to pay their taxes until May 4, 2011, according to a publication of the Institute for Market Economy.

The so-called “Tax Freedom Day” is a symbolic date when employees stop working for the State treasury and begin earning for themselves.
In Bulgaria, this day traditionally falls in May, and its earlier arrival in the last three years is attributed to the economic crisis and the wider budget gap i.e. the State seemingly takes less, but continues to spent as before by using reserves and accumulating new debts, the Institute’s experts say.

The symbolic calculations further show that from May 4 until May 13, Bulgarian tax payers will continue to work for the State, to cover the budget deficit for 2011 and these 10 days will end up being for the benefit of the treasury, sooner or later, next year, or even in several years, depending on the ending percentage of thebudget deficit for 2011.

In 2011, Bulgarians will earn about BGN 211 M a day on average, meaning they need 124 days in order to make the BGN 26.2 B in revenues slated for the budget,

What the State plans to take from workers amounts to more than 60% of households’ income for 2010. In 2011, Bulgarians will work 31 days for the Value Added Tax (VAT), 10 days for excise duties, 19 days for social security benefits, 10 – days for health insurance, 10 days for income taxes, 8 for corporate taxes, and 3 for property taxes.

The Institute’s experts further point out that the focus on bringing more revenues in the treasury gives a false impression of more freedom while revenues from VATand excises have suffered a great deal from the crisis.


Cash registers to be connected with NRA

Cash registers Bulgaria

Cash registers BulgariaThe use and registration of cash registers in Bulgaria is organized in decree nr. H-18 (НАРЕДБА № Н-18). For company owners and managers it is important to know that after the petrol stations all companies have to connect their cash register with the National Revenue Agency (NRA)

For companies registered for VAT this should be done latest in September 2011.
For all other companies the deadline to connect with the NRA is April 2012.

Feel free to contact us when you have any questions.