Bulgaria VAT Act 2014 changes
- Dec 9, 2013 | Richard Asquith
The Bulgarian tax office has published changes to the Bulgarian VAT Act from 1 January 2014. These amendments include:
- For recurring monthly intra-community supplies, the reporting point is to be treated as the end of the month of the supply
- Supplies of free promotional goods and supplies for staff personal use are to be treated as taxable supplies, and should be reported accordingly
- A simplified VAT cash accounting regime is to be introduced. The enables VAT-registered small traders (less than €500,000 per annum turnover) to pay or recover VAT only when cash payments are actually made – as opposed the general accruals basis.
- The right to include input VAT on assets purchased up to 12 months prior to becoming VAT registered
- The removal of the obligation to produce VAT invoices for vending appliances
- A change to the basis for supply of goods for leasing agreements, to now include situations where a taxable supply occurs when the value of the lease payments equals or exceeds the fair market value of the goods.