As of 01.08.2023 a new important amendment in the Bulgarian VAT Act was adopted and entered into force. The amendment is as it follows:
If at the end of each quarter of a financial year the total amount of:
- the cash available in the cash registers, and
- the number of receivables (including loans granted) by natural persons, employees, persons who are employed under Management and Control Agreements and other accountable persons,
Exceeds 50.000 (fifty thousand) BGN,
then each Company must declare separately for the respective calendar year by the end of the month following each quarter, the relevant data from its current accounting bookkeeping, namely:
- The amount of cash available in the cash register.
- The amount of the receivables (including loans granted) by owners/physical persons.
- The amount of the receivables (including loans graned) by employees, persons employed under Management and Control Agreements or contract and accountable persons.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.