Bulgaria: Proposed bill about CbC reporting requirements published

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The Finance Ministry has published a revised draft bill on 21st March 2017 that amends the Tax and Social Security Procedure Code (TSSPC) with regard to the new country-by-country (CbC) reporting requirements. It is proposed that the amendments will enter into force on 1st July 2017. The bill specifies that the deadline for companies to submit a notification to the National Revenue Agency regarding the group entity that will file the CbC report for the financial year 2016 will be extended to 30th September 2017. Primarily, the proposed deadline was 30th June 2017. Failure to submit CbC reports would be charged an amount between BGN 100,000 and BGN 200,000 and for more violations this charge would be from BGN 200,000 to BGN 300,000. Due to report misleading information, the charge would be between BGN 50,000 and BGN 150,000 and for more violations, it would be within BGN 100,000 to BGN 250,000. Another penalty will be charged in case of fail to notify the tax authorities of the ultimate parent’s refusal to provide CbC reporting information. In this situation, the charging amount would be BGN 10,000. A penalty of BGN 15,000 would be charged for subsequent violations.

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