rocket
Introducing the Orbitax International Tax Platform, a revolutionary suite of integrated tax solutions including research, compliance, calculations, entity management and charting. Find out more.
News Share

The Tax Hub

Daily Tax Newsletter

Bulgaria

Responsive image

Bulgaria Draft Budget for 2020 Submitted in Parliament

Bulgaria's draft Budget for 2020 has been submitted in parliament following approval from the Council of Ministers on 31 October 2019. Two of the main tax-related measures of the budget include the introduction of exit tax rules in line with the EU Anti-tax Avoidance Directive (Directive 2016/1164 - ATAD1) and the hybrid mismatch rules of the Directive as amended (Directive 2017/952 - ATAD2) with effect from 1 January 2020 (previous coverage).

Other measures include:

  • Extension of the period of application of the reverse charge VAT mechanism to supplies of cereal and industrial crops to 30 June 2022 to counter fraud;
  • Implementation of the measures of Council Directive (EU) 2018/1910 as regards the harmonization and simplification of certain rules in the value added tax system for the taxation of trade between Member States;
  • Introduction of a VAT registration anti-avoidance rule, which provides that in calculating whether a taxpayer has met the registration threshold, the turnover of related parties or unrelated parties performing similar activities in concert in the same site is included for each party;
  • Measures to improve the business environment and reduce administrative burdens, including the extension of tax relief for farmers to the end of 2020, a reduction in the value of the excise duty on fuel used in agricultural production, and the harmonization of individual income tax rules for the taxation of hidden profit distributions;
  • Measures in the area of debt collection, including the continued monitoring of debtors with outstanding tax and social insurance contribution obligations; and
  • Increases in the minimum wage for social and health insurance contributions to BGN 610 for 2020 and to BGN 650 for 2021 and 2022, with the maximum insurable amount maintained at BGN 3,000.

Subject to approval, the measures will generally apply from 2020.

Powerful Tax Tools

NEW

FX Rates

Global FX Rates including Tax Year Average FX Rates and Spot Rates for all Reporting Currencies.

NEW

Corporate Tax Rates

Corporate tax rates, surtaxes, and effective tax rates for the current year, as well as historical rates and approved future rates.

NEW

Country Analysis

Detailed tax guidance for companies doing business in over 100 countries, including summaries and snapshots of key tax facts and issues.

NEW

Cross Border Tax Calculator

Calculate total tax costs and benefits of a cross border transaction including withholding tax, participation exemption and foreign tax credit rules.

NEW

Cross Border Tax Rates

Provides Domestic, treaty and EU cross border tax rates for over 5,000 country combinations for 9 different payment streams.

NEW

OECD BEPS Project

Complete overview of the OECD BEPS Project, including daily BEPS news, country adoption of BEPS measures, and an overview of the 15 BEPS Actions.

NEW

Tax Calendar

Customizable calendar tool that tracks corporate income tax, value added tax and transfer pricing obligations by country or entity.

NEW

Tax Forms

English translations of key tax forms for over 80 countries, including tax return forms, treaty benefit forms, withholding tax forms, and more.

NEW

Worldwide Tax Treaties

Repository including thousands of tax treaties (in English), OECD, UN and US Models, relevant EU Directives, Technical Explanations, and more.

NEW

Worldwide Tax Planner

Calculates the worldwide tax cost of what-if scenarios based on legal entity structure, taxable income, and cross border transactions.

NEW

Certified Rates Report

Customizable Certified Rates Report providing updated corporate and withholding tax rates at the end of each month for over 100 countries.

NEW

Withholding Tax Minimizer

Enables quick calculation of tax costs and benefits of cross border transactions considering all possible transaction combinations and optimal routes.

NEW

VAT Rates

Provides value added tax (VAT) rates, goods and services tax (GST) rates and other indirect tax rates for over 100 countries.

NEW

NOL Calculator

Country specific calculator to determine how net operating losses can be utilized in carryback and carryforward years.

NEW

Transfer Pricing Calculator

Calculates TP ratios under various TP methods and calculates the difference between target ratios and actual ratios.

NEW

Individual Income Tax Rates

Individual tax rates for over 100 countries.

Play of the Day

Compare Forms

English translations of key tax forms for over 80 countries, including tax return forms, treaty benefit forms, withholding tax forms, and more.

We’re here to help

We’re here to answer any questions you have about the Orbitax products and services.

Send us a message

Who’s behind Orbitax?

We’re committed to providing high value, low cost tax research and management solutions.

Learn More