In the dynamic landscape of 2023, Bulgaria underwent a remarkable metamorphosis in its insolvency proceedings due to game-changing amendments to the Commerce Law. These changes not only impact the bankruptcy processes for legal entities but also introduce an entirely new…
Employers who involve ongoing learners in their workforce exhibit a praiseworthy dedication to advancing both their industry and their workforce. Concurrently, they must maintain a comprehensive awareness of the complexities and repercussions tied to such hiring choices. In a similar…
Shell companies have always held a mystique for entrepreneurs, offering a legitimate cover for various financial and business maneuvers. The European Union has been diligently working on regulatory measures to monitor the operations of these enigmatic entities. ATAD 3 and…
Effective as of January 1, 2023, Bulgaria’s Value Added Tax Act (VATA) was overhauled, introducing a comprehensive system for reducing VAT related to outstanding invoices. This framework targets scenarios in which suppliers render it unattainable to collect payments for taxable…
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…
The labor book is a mandatory official document with the employment history of each employee/worker. According to labor legislation, when an employee/worker starts work for the first time, it is the employer who is obliged to provide one with a…
DEADLINE 2nd of October 2023 Аccording to the joint order of the National Statistical Institute (NSI) and the National Revenue Agency (NRA) from January this year, a company can submit, after the statutory deadline, a one-time corrected data in its…
Latest changes that entered into force on 01.08.2023 in connection with the Law on the State Budget of the Republic of Bulgaria for 2023 and State Social Security Budget Law 2023 affect Insurance, Social Benefits and Social Security. Amendments in…
On 14.07.2023 the National Assembly of Bulgaria adopted new amendments to the Measures against Money Laundering Act (MAMLA), which aim to achieve compliance with the Directive 2018/843 of the European Parliament and of the Council of 30 May 2018. The…
As of 01.08.2023 a new important amendment in the Bulgarian VAT Act was adopted and entered into force. The amendment is as it follows: If at the end of each quarter of a financial year the total amount of: –…