Bulgaria VAT cash accounting
- Oct 2, 2013 | Richard Asquith
Bulgaria plans to introduce a number of changes to the Value Added Tax regime following a number of tax cases, and to further harmonise its tax code with the EU VAT Directive.
The changes include:
- Introduction of a VAT cash accounting option (instead of accruals-based reporting) for suppliers to pay cash directly to the VAT authorities
- Introduction of the VAT reverse charge mechanism on the domestic supply of certain crops following the introduction of the EU’s VAT fraud rapid response mechanism in August
- Guidance for estimating the taxable amount on barter and deemed supply of certain goods.
Once approved, the above changes will come into effect on 1 January 2014.