Author Archives: Georgi Marinov

Another jubilee from our team makes it 10 years with NOVACON :)

We are happy to announce that we have another jubilee in NOVACON team – Stefan Chechev (Tax & Accounting Consultant) makes 10 years since he joined the company. 

Posted in Taxes
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VAT registration of an entity, whose manager has outstanding tax liabilities exceeding 5 000 BGN

It is a common case where the commercial activity of an entity requires VAT registration of a newly established company. However, it would be an obstacle if the manager has outstanding liabilities to the budget exceeding 5,000 BGN (which originate … Continue reading

Posted in Taxes, VAT act
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Responsibility of the manager in case of company assets reduction and tax liabilities

The Tax Insurance and Procedure Code (TIPC) provides for joint responsibility of a person (a manager or member of the management body of the company), who participates in reduction of the company assets, in the case where the company has … Continue reading

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Tax at source for interest income on loans from a foreign entity to a Bulgarian company

A Bulgarian company concludes a loan agreement with a foreign company, which doesn’t have a place of business activity in the country. The interest of the loan agreement is an income for the foreign entity and under the Bulgarian laws, … Continue reading

Posted in Corporate Tax Act, Taxes
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Decision of the Court of Justice of the EU (CJEU) from 3rd September 2015 upon an inquiry by the Bulgarian court in relation with a classical refusal of VAT credit for invoices for consulting services by local tax office.

The dispute between Asparuhovo Lake Investment Company Ltd (ALIC) and the Director of “Appeal and Tax-Insurance Practice” department of Varna Territorial Directorate (TD) of National Revenue Agency (NRA) is an interesting case, for which Varna Administrative Court sent a prejudicial … Continue reading

Posted in Tax-Insurance Procedure Code, Taxes
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Lots of emotions and great fun – for a second year at Business Run :)

NOVACON team participated for a second consecutive year at Postbank Business Run 2016 – a relay race with a cause which was performed on the territory of Business Park Sofia on 5 June 2016 (Sunday).

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What we should mind in case of appeal of a tax administration act?

The Tax-Insurance Procedure Code (TIPC) provides the administrative appeal before the director of “Appeal and tax-insurance practice” department of National Revenue Agency (NRA) as a compulsory instance before the court appeal. The individual administrative acts created by the revenue authorities, like … Continue reading

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