Category Archives: Taxes

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. 

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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

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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

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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

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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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VAT in case of commissions paid on Booking.com by a non-VAT-registered Bulgarian company

Many Bulgarian companies use the services of Booking.com to sell their hotel and guest house accommodation services. Some of these companies are small and are not registered under the Bulgarian Value Added Tax Act (VATA). Booking.com is a foreign company, … Continue reading

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NOVACON Customer Stories: Smart SM

Vladislav Svilensky, Commercial Director of Smart SM talks about his long-term collaboration with NOVACON.

Posted in Accounting, Business, Payroll, Taxes
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NOVACON Customer Stories: S & T Bulgaria

Vassil Minev, Financial Director of S&T Bulgaria, shares his experience with the challenges with the transition of the payroll and accounting function in S&T from in-house to outsourcing.

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How to pay less corporate tax in advance during the year without paying interest to budget

Under Corporate Income Tax Act (CITA), corporate taxpayers are obliged to make monthly or quarterly advance payments of corporate tax. Entities with net sales for previous year exceeding BGN 3 million are obliged to make monthly advance installments. All other … Continue reading

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