Bulgaria VAT Act 2014 changes
- 10 December 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.
VP Global Indirect Tax Richard Asquith
Richard Asquith is VP Global Indirect Tax at Avalara, helping businesses understand their compliance obligations as they grow globally. He is part of the European leadership team which this year won International Tax Review's Tax Technology Firm of the Year. Richard qualified as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.