People who work at civil contracts, receive money from royalties or rents, will be able to choose whether to have more money for Christmas or end the year debt-free. This will happen with the changes adopted by the Parliament today in The Personal Income Tax Act.
Currently, for the last quarter of the year, employers do not withhold advance tax on royalties paid, royalties and sums under a civil contract.
Companies do not withhold and advance tax for money they pay to men of liberal professions, artisans, or landlords. So these people don't pay advance tax in the last quarter and can face Christmas and the New Year with more money in their bank accounts.
Non-wage income for the period October-December must be declared by the citizens themselves at the beginning of 2015 by submitting tax return.
With the changes in the law adopted today, next year people will have a choice - whether their employer withholds tax from them in the last quarter, or whether they take gross wages and at the beginning of 2016 calculate the due taxes themselves and pay them. If they want the employer to withhold their taxes, they will have to request it in writing at accounting.
From the beginning of 2015, with a tax of 8%, the interest on all bank accounts will be taxed, the parliament also decided. Now only interest on time deposits is taxed, but not interest on savings accounts.
To drop the preference for the return of taxes paid by people who have income only from wages and for a year they are up to 12 minimum wages, the deputies decided. Instead, they accepted tax breaks for parents.
For one child, the total annual income will be reduced by BGN 200, for two children by BGN 400, and for three or more – by BGN 600. In reality, this preference will be used in 2016 with the announcement of the income from 2015.