Bulgaria: Government announced several tax relief measures regarding VAT exemption
May 07, 2020
The Government has taken some tax relief measures regarding Value Added Tax (VAT). These are:
On 4 May 2020, a draft Bill was submitted in the Bulgarian Parliament for introducing a 9% reduced VAT rate from 20% rate to support the restaurant and catering sector, badly affected by the COVID-19 outbreak. Also, this Bill proposes this 9% reduced VAT rate for these sectors applied from 1 June 2020 to 31 December 2021.
On 23 April 2020, through Decree № 80, the Council of Ministers adopts the rules of the exemption from import duties and value-added tax on imports of the territory of the country of goods needed to fight against the effects of the COVID-19 pandemic in 2020, carried out by certain individuals.
Bulgaria has adopted a new law (Law on Amendments and Supplements to the Accountancy Act) that aligns the country with the EU's public Country-by-Country (CbC) reporting requirement (Directive 2021/2101). This means large companies will be required
On 12 December 2023, Bulgaria's National Assembly declared the approval of amendments to key tax laws, namely the Local Taxes and Fees Act, the Value Added Tax Act and the Corporate Income Tax Act. Notably, significant changes were made to the
On 26 September 2023, the Bulgarian Ministry of Finance released a draft law for the implementation of the Pillar 2 global minimum tax rule in accordance with EU Council Directive 2022/2523 of 14 December 2022. The draft law is currently subject
Bulgaria has passed the amendments to the draft Budget Act 2023, which aim to protect wages and social security benefits. The government plans to reduce spending to combat inflation and strengthen the economy, but will not raise taxes. The key tax
On 17 march 2023, the Ministry of Finance has released a proposal to impose a temporary solidarity contribution across all industries, which is now open for public discussion. Bulgaria has already implemented a solidarity contribution on the fossil
On 30 December 2022, Bulgaria introduced a law regarding windfall tax on electricity companies. The windfall tax applies the period from 1 December 2022 to 30 June 2024 with an installed capacity of more than 1 MWh in accordance with Council
