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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