Bulgaria: Corporate Income Tax

The latest amendments to the Corporate Income Tax Act introduce, among others, new rules for the correction of accounting errors. Taxable persons are requested to notify in writing the revenue authorities about accounting errors made in prior period. Subsequently, the tax office will have to amend the taxable base and the amount of the corporate income tax liability for the relevant past period.

As of 2013, monthly and quarterly advance payments have to be calculated on the basis of the tax profit forecast for the current tax period. Pursuant to the new rules, taxable persons whose net revenues in the previous year did not exceed BGN 300,000 will not be obliged to make advance payments. These entities will have the option to make quarterly advance payments. Taxable persons with a net revenue above BGN 3,000,000 will have to make monthly advance payments.

As of 2013, advance payments for the current tax year have to be reported in the corporate tax return for the previous year. Monthly and quarterly advance payments for 2013 have to be reported in the corporate tax return for 2012.

 

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