All good company managers know that once the company is registered they have to look for a good accountant or an entire accounting company that will take care of the taxes. The accountants will be able to plan all corporate taxes of the company. These include the value added tax (VAT), the income tax, the tax impact on the business and the dividends tax. Actually, the accountants will play a vital role in the company’s life and in every financial move in Bulgaria that has to be done. That is why getting an experienced accountant or a professional accountant company that can offer comprehensive consultation on all taxes in the country and the changes they often go through is important. These accountants will be able to keep the tracks of the monthly expenses of the office, but will also provide the managers with tax information on the Bulgarian tax rates, the due dates for these taxes, as well as the so called process of tax planning. They will be able to support the company with information that concern the applicable VAT in Bulgaria and the VAT registration, and shall be able to represent the company before several national institutions or take care of the property tax.

Currently Bulgaria offers good and acceptable income tax system, which is the lowest one within the tax rates of the European Union. This tax rate is 10 % for corporate tax and withholding tax rate for the non-residents. There is also 5 % tax rate on dividends and tax from shares. The VAT rate is 20 % and there are no plans for its reduction at the moment. There is a reduced rate of VAT that amounts to 9 % for the hotel accommodations and the tourism sector. The good accountant will be able to inform the managers of the company in advance, so that they can use the most profitable way of making business and handling the tax liabilities of the registered company in Bulgaria.

All companies which are registered in Bulgaria and operate in the city of Sofia or other major cities in the country have to obey the Bulgarian Law, but also they have to keep up with the changes in the European Law, since Bulgaria is a member of the European Union.  When taxes are concerned, we have tax management and tax planning, we have also tax forecasting, tax budgeting and VAT tax return, etc. As all managers of big companies know, just like the ones of the companies registered in Bulgaria, the process of tax management is really important part of the accounting of the company and its financial activity, its investments and profit. That is why it is quite a complicated process. The tax accounting services include tax documentation and tax rate modeling, tax account analysis and tax assistance, as well as income tax forecasting. Other useful services include tax compliance, which includes analysis of data, filling of documents and evaluation of the tax returns. Tax management for companies that are registered in Bulgaria could also include tax planning, where the aim is to reduce the tax liability, to control the risk from tax credits and increase the cash flow.

Registered companies can also use the VAT tax services, which include VAT tax documentation preparation, VAT tax return and VAT bookkeeping. If they own a property like an office for example, or a car, companies should also have information on the immovable and movable property taxation. There are taxes on buying and selling of properties, there are local property taxes, etc. The good accounting offices can help the outsourcing and other companies in Bulgaria to use all credits and deductions available in order to minimize the tax liability that is due. Besides taxes, companies registered in Bulgaria should also pay national insurance that depends on the status of the people the company employs.


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