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Bulgaria VAT changes


Bulgaria VAT changes

The Bulgarian Ministry of Finance has issued a number of proposed changes to the Value Added Tax regime. These include:

  • New guidance on issuing credit notes on advances and deregistered VAT payers
  • Extending the tour operator margin scheme to single tourist service supplies
  • Changes in the time of supply rules of goods supplied under lease agreements
  • Contributions made by partners in a informal consortium shall not constitute a taxable supply. The supplying party may still deduct any input VAT and make a corresponding VAT credit
  • Changes in the rules on deductibility of input VAT on partial-exempt real estate
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VP Global Indirect Tax
Richard Asquith
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.