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Bulgaria Bulgaria Bulgaria guidelines to taxation 2019 bulgaria bulgaria bulgaria I TAX FRAMEWORK FOR DOING BUSINESS IN BULGARIA 110 II SPECIAL AREAS OF TAXATION OF BUSINESS-RELATED ACTIVITIES 147 A LEGAL FORMS 110 A HOLDING STRUCTURES 147 B INCOME TAX ASPECTS 112 1 Participation exemption 147 1 Sole entrepreneurs 112 2 Outbound dividends 147 2 Corporations 116 3 Interest deduction and thin capitalization 149 3 Reorganizations 121 4 Non-resident shareholders 150 4 Specific aspects for foreign investors 122 5 Tax group 150 C INTERNATIONAL BUSINESS-RELATED ISSUES 125 B REAL ESTATE INVESTMENTS 151 1 Tax treaties 125 1 Resident investors 151 2 Transfer pricing 125 2 Non-resident investors 153 3 Controlled foreign companies 126 3 Real estate taxes 154 4 VAT on real estate 155 D VALUE ADDED TAX (VAT) 127 5 Real estate investment trust 156 1 Taxable persons 127 6 Structuring of real estate investments 156 2 Taxable transactions 127 3 Place of supply 129 III EMPLOYEES AND BOARD MEMBERS 157 4 Taxable amount 131 5 Tax rates 132 A EMPLOYEES 157 6 Exemptions 132 1 Resident employees 157 7 Input VAT deduction 134 2 Non-resident employees 159 8 VAT liability 136 B BOARD MEMBERS 160 9 Tax assessment 139 1 Executives 160 E OTHER BUSINESS-RELATED TAXES 142 2 Non-executives 160 1 Capital duty 142 3 Non-resident board members 160 2 Stamp duties 142 C MUNICIPAL TAX 160 3 Notary Fees 142 4 Customs duties 143 D SPECIFIC PROVISIONS FOR CROSS-BORDER 5 Other excise duties 143 EMPLOYMENTS 161 6 Tax on insurance premiums 143 1 General provisions 161 7 Local taxes and fees 143 2 Specific provisions 161 8 Solar and wind energy production charge 146 IV TAX ASPECTS FOR PRIVATE INVESTORS 162 A CAPITAL INVESTMENTS 162 B INHERITANCE AND DONATION TAX PLANNING 162 108 leitner leitner guidelines to taxation 2019 guidelines to taxation 2019 leitner leitner 109 I TAX FRAMEWORK FOR DOING BUSINESS IN BULGARIA According to the Bulgarian Commercial Act, there are the following types of companies in Bulgaria: A LEGAL FORMS ¬ General partnership (Sabiratelno druzhestvo – SD) Business activities in Bulgaria are carried out by sole entrepreneurs and ¬ Limited partnership (Komanditno druzhestvo – KD) traders, by companies or cooperatives. A sole entrepreneur is defined as an ¬ Limited partnership with shares (Komanditno druzhestvo s individual carrying on business activities. A sole trader is an individual who aktsii – KDA) performs business activities as a trader within the meaning of the Commer- ¬ Joint stock company (Aktcionerno druzhestvo – AD) cial Law. The term »company« refers to business entities. In Bulgaria both ¬ Limited liability company (Druzhestvo s ogranichena types of companies as well as corporations and partnerships are recognized otgovornost – OOD) as legal entities. The term »cooperative« refers to a business organization ¬ European Economic Interest Grouping (EEIG) (Evropejsko consisting of a group of a variable number of individuals carrying out business obedinenie po ikonomiceski interesi – EEIG) activities for their mutual economic, social and cultural benefit. The cooperative ¬ Societas Europaea (SE) (Evropejsko drugestvo – SE) is also recognized as a legal entity in Bulgaria. It should be noted that, accor- When a joint stock company (AD) and a limited liability company (OOD) are ding to the Bulgarian tax law, both companies and cooperatives are treated as owned by a sole shareholder, the sole ownership is indicated by the abbre- non-transparent taxable persons subject to corporate income tax. viation E (ednolicen = sole ownership) in front of the legal form (i.e. EAD and EOOD). Business activities carried out in the form of cooperatives or partnerships are not Overview of point A, more information on the next side: common. The types of companies most likely to be used are the limited liability company (OOD or EOOD) and the joint stock company (AD). Some information about the legal and tax framework of sole traders and com- panies is provided in the table on the side before. FORMS LIABILITY MINIMUM REGISTRATION TAX TAX OF SHAREHOLDERS CAPITAL IN COMMERCIAL TREATMENT RATES (EUR) MINIMUM OF FOUNDERS AND SHAREHOLDERS REGISTER (EUR) ET no shares, personal 1 obligatory tax liability 15% liability of the sole of sole entrepreneur entrepreneur SD unlimited and 2 obligatory non-transpa- 10% joint liability of rent, dividend the partners taxation at the level of the partners KD unlimited 2 obligatory non-transpa- 10% (general partner) rent, see SD limited (limited partner) EOOD limited 1 (2) 1 obligatory non-transpa- 10% rent, see SD OOD limited 1 (2) 2 obligatory non-transpa- 10% rent, see SD EAD limited 1 obligatory non-transpa- 10% rent, see SD AD limited 25,553 2 obligatory non-transpa- 10% (50,000) rent, see SD KDA limited 25,553 3 obligatory non-transpa- 10% (50,000) rent, see SD 110 leitner leitner guidelines to taxation 2019 guidelines to taxation 2019 leitner leitner 111 B INCOME TAX ASPECTS 1.2 PRINCIPLES OF DETERMINATION OF THE SOLE TRADER INCOME TAX BASE 1 SOLE ENTREPRENEURS AND PARTNERSHIPS The sole trader income tax base under the ITNPA is determined according to the same principles as apply to partnerships and corporations (companies) 1.1 UNLIMITED TAX LIABILITY AND INCOME according to the Bulgarian Corporate Income Tax Act (hereafter CITA). If a sole entrepreneur/trader, irrespective of his citizenship, is resident in The sole trader’s annual taxable base is the taxable business profit according Bulgaria, he is subject to unlimited personal income tax liability (i.e. resident to the CITA, less the annual statutory social security and health insurance taxation) on his worldwide income in Bulgaria (subject to tax treaties). An indi- contributions paid by the sole trader. If a sole trader conducts business vidual is deemed a resident of Bulgaria if his permanent address or center activities in the gambling (or shipping) industry, his income is subject to the of vital interests is in Bulgaria, or he is physically present in Bulgaria for a regulations of alternative corporate tax. If a sole trader conducts business period or several periods exceeding in total 183 days in any 12-month period. activities in the field of passenger transportation by taxicab, then according Thus, income from the business activities of a sole trader or sole entrepreneur to the Local Taxes and Fees Act he is subject to tax on passenger transporta- carried on in Bulgaria is subject to tax at the level of the individual. Foreign sole tion by taxicab as is any similar activity related to this kind of transportation. entrepreneurs are subject to Bulgarian taxation on their income derived from Any income subject to tax on passenger transportations by taxicab shall be Bulgarian sources. excluded from the taxable income from a sole trader’s business activity. According to the Bulgarian Income Taxes on Natural Persons Act (hereinafter For sole traders in other branches, e.g. agricultural producers, deviating ITNPA), sole entrepreneurs running an operating business in Bulgaria may regulations apply under the CITA. derive »income from business activities as a sole trader« and »income from other business activities«. 1.2.1 Expenses The »income from other business activities« comprises income from all kinds of Basically, all expenses incurred by a trade or business are tax business activities other than trade, particularly from the following categories deductible. However, certain restrictions apply (inter alia): of income: ¬ business travel expenses of the sole trader are deductible ¬ income from tobacco production and agriculture, fisheries; up to double the amount of travel expenses stated by law ¬ income from intellectual property rights and royalties; (BGN 40 [approx. EUR 20]); ¬ income from independent (professional) services; ¬ expenses for representation are taxable with expense tax ¬ income from business activities in certain professions that are (this term includes entertainment expenditures and busi- not subject to local patent tax. ness meals); the taxpayer has to prove that the expenses were incurred for business reasons; the expenses must be The taxable »income from business as a sole trader« is taxed at a flat rate sufficiently documented. of 15%. The taxable »income from other business activities« is taxed at a flat rate of 10%. In the following, we refer only to the categories »income from 1.2.2 Carry-forward of losses business activities as a sole trader« (hereinafter referred to as »sole trader in- come«) and »income from other business activities«. On this basis, we will briefly Generally, the deduction of losses suffered in the »sole trader income« present the tax treatment of the abovementioned categories of income. category is regulated under the CITA. Tax losses may be deducted from the positive financial result over the following five years, but only up to According to the Bulgarian legislation partnerships (SD, KD and KDA) are the positive fiscal result. defined as business entities that are regarded as non-transparent for tax purposes and profits . Partnerships are thus taxable at the company level, i.e. 1.2.3 Tax rates and tax payments they are non-transparent entities for personal income tax purposes. Partner- ships are treated as taxable persons, subject to corporate income tax, The personal income tax for sole traders and persons carrying out see I.B.2. economic activities in the capacity of merchant within the meaning of the Commerce Act is levied at a proportional rate. The sole trader Please note that individuals can also derive income from non-operating is liable to make a monthly advanced income tax payment in the activities such as real estate or capital investments. For this type of activity, amount of 15% under the regulation of the CITA. As of 1 January see II.B and IV. 2017, the monthly advance payments of the tax due for the months of January, February, March and April must be remitted no later than 30 April of the current calendar year.
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