Bulgaria implements public CbC reporting with a higher threshold

February 10, 2024

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

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Bulgaria: National Assembly approves Pillar 2 global minimum tax rules

December 18, 2023

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

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Bulgaria launches public consultation to implement Pillar 2 global minimum tax

September 30, 2023

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

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Bulgaria officially approves budget Act 2023

August 15, 2023

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

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Bulgaria proposes windfall tax for all sectors

March 25, 2023

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

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Bulgaria introduces windfall profit tax on electricity industry

January 07, 2023

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

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Bulgaria gazettes text of MCAA for digital platforms income

December 27, 2022

On 16 December 2022, the Bulgarian official gazette published the text of the multilateral competent authority agreement on automatic exchange of information on income derived through digital platforms (DPI-MCAA). It was signed on 9 November

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Bulgaria: National assembly approves law for implementation of DAC7

December 23, 2022

On 8 December 2022, the national assembly of Bulgaria approved law on amendments and supplements to the tax and insurance procedural code. The primary objective of the law is to implement the new rules on the exchange of information on income

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Bulgaria approves law on temporary solidarity contribution to the fossil sector

December 13, 2022

On 6 December 2022, the National Assembly of Bulgaria approved a law regarding a temporary solidarity contribution of 33% on oil, gas and coal companies in line with the Council Regulation (EU) 2022/1854 on an emergency intervention to address high

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Bulgaria proposes a temporary solidarity contribution to the fossil sector

November 11, 2022

On 1 November 2022, the Government of Bulgaria submitted a draft bill to the Parliament regarding a temporary solidarity contribution of 33% on oil, gas and coal companies in line with the Council Regulation (EU) 2022/1854 of 6 October 2022 on an

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Bulgaria Deposits Instrument of Ratification for MLI

September 24, 2022

On 16 September 2022, Bulgaria deposited its instrument of ratification of the Multilateral Convention on the Implementation of Tax Treaty-Related Measures to Prevent BEPS (MLI). The Convention will enter into force in relation to Bulgaria on 1

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Bulgaria Ratifies MLI Convention

August 15, 2022

On 17 June 2022, Bulgaria ratified the OECD Multilateral Convention (MLI) (2017) and published it in the Official Gazette (No. Decree No. 153). Bulgaria also submitted its provisional MLI position at the time of signature, listing its

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Bulgaria releases updated guidelines on CIT

May 12, 2022

On 11 May 2022, the National Revenue Agency released an updated version of the 2022 Corporate Tax Handbook. The publication contains an overview of the applicable rules in the Corporate Income Tax

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Bulgaria: Parliament considers a Bill to ratify BEPS MLI

April 27, 2022

On 15 April 2022, Parliament is considering a bill to ratify the Multilateral Convention Implementing Tax Treaty-Related Measures to Prevent Base Erosion and Profit Shifting (MLI). After the internal ratification process is complete, Bulgaria must

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Bulgaria approves amendments to the CIT Act

January 27, 2022

On 20 January 2022, the Bulgarian Parliament passed the draft law amending and supplementing the Corporate Income Tax Act (CITA). The draft law provides for the implementation of the reverse hybrid mismatch rules of the EU Anti-Tax Avoidance

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Bulgaria announces fines for administrative violations will be 20% lower

January 01, 2022

On 29 December 2021, the National Revenue Agency (NRA) announced that taxpayers fined for administrative violations of tax laws can only pay 80% of the fine imposed. This is only allowed if the taxpayer pays the fine within 14 days of the

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Bulgaria: Government reveals tax measures included in 2021 Budget

January 08, 2021

On 8 December 2020, the Government Officially published a Law, which provides tax measures included as part of the 2021 Budget. The key measures are given below: The Law introduced new deadline for filing annual corporate income tax returns up

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Bulgaria: Government publishes new deadline for transfer pricing documentation

December 18, 2020

On 11 December 2020, the Bulgarian Government published the amendments to the Act on Tax and Social Security Procedure Code (TSPC) in the State Gazette. The National Assembly adopted an Act amending and supplementing the TSPC. According to the

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