Bulgaria Publishes Draft Implementing Regulations on VAT for Transition to Euro, Implementation of EU Small Business Scheme, and Other Changes

Bulgaria has published Draft Regulations on Amendments and Supplements to the Regulations for the implementation of the Value Added Tax Act. This includes:

• Changes regarding Bulgaria's transition to the euro, including a change in the annual turnover threshold for vat registration from BGN 100,000 to EUR 51,300, along with certain other value conversions to the euro and the removal of references to BGN and BGN-equivalent values, as well as requirements to convert tax documents with BGN valu…