Bulgaria updates VAT Act

The State Gazette has published changes to the Bulgarian Value Added Tax regime which come into force on 28 February 2013.

The changes include:

• Invoices and credit notes for intra-community supplies must follow the rules of the country of supply, as opposed to Bulgarian VAT compliance rules as in the past.
• Supplies between Bulgarian companies and their branches in other European Union member states are now considered as an internal transfer.
• Recipients of services in Bulgaria from another EU member state may agree with their non-Bulgarian supplier to have simplified invoicing agreements.