Starting in October 2023, managing your tax and social security payments to the Bulgarian National Revenue Agency (NRA) is about to get a whole lot easier. The NRA is introducing a novel approach by directing these payments through five newly established bank accounts housed within the Bulgarian National Bank (BNB).
These accounts are designed to cater to specific obligations:
State Social Insurance
Additional Pension Insurance
Personal Income Tax
Enforcement Collection of Public Receivables
What makes this initiative so impactful? For starters, it offers several key benefits.
By centralizing payment processing through the BNB, the system guarantees enhanced security, ensuring that your financial transactions remain safe and sound.
Furthermore, the retrieval of overpayments by taxpayers is now seamlessly facilitated through the System for Electronic Budgetary and Expenditure Administrative Procedures, entirely eliminating the need for cumbersome paper payment orders. This not only enhances efficiency but also contributes to a greener, more sustainable approach to financial transactions.
These changes are part of the NRA’s ongoing efforts to optimize revenue collection within the state budget. Additionally, they aim to improve the overall quality of services offered to NRA clients.
This streamlined approach to payments not only simplifies financial responsibilities but also takes a step toward a more eco-conscious future. Welcome to the future of financial convenience in Bulgaria.
Eurofast experts in Bulgaria closely monitor the changes affecting tax commitments for businesses. For further information, feel free to contact our office in Sofia at email@example.com
Eurofast is a regional business advisory organization employing local advisors in over 21 cities in South East Europe & the Middle East (SEEME). The Organization is uniquely positioned as a one-stop-shop for investors and companies looking for professional services in Tax & Transfer Pricing – Payroll & Employment – Accounting & Compliance – Advisory & Corporate.
Head of Payroll Department