Company Tax Return

[ChrisF]

Sell Overseas Property

The previous post more or less confirms what I understand from a document issued by Price Waterhouse Cooper
This says that Bulgaria introduced anew accountancy act a while ago to bring things into line with the rest of the EU. Under this Act small companies only need to submit simplified accounts (as in the UK). These MUST be submitted though as this new act also increased fines for nonsubmission.
It makes sense that accounts can only be submitted online as this is much, much more efficient than standing in a queue for 2 or 3 hours as used to be the case years ago. There is a charge for submitting online however, this was 15 leva last time I heard. In addition an electronic signature is required and this has to be bought.
As regards POAs: you must sign one in front of a notary in order to give your accountant authority to submit your accounts.
If you can't do this because you are not in Bulgaria your accounts can still be submitted but by a lawyer, not by an accountant. In my experience most accountants work with a lawyer to do this.
All-in-all, I think the 50 leva that my accountant charges is well worth it.

[Pam]

Sell Overseas Property

ChrisF, have you done your tax return this year, yet? We went into our accountant, who said she had prepared the necessary document, but that we had to take it in person to the office in Gabrovo, our county town, or get a new POA for her to take it in. We also have friends who only come in the summer, so they can't take their's in or go to a notary before the end of March. The accountant is speaking to a solicitor to get the options. It's certainly not turning out to be simpler for us.

[ChrisF]

Sell Overseas Property

Not done mine yet, but I can tell you that my accountant has needed a POA for the last two years, which is when the new accountancy act came into being.
Last year I organised accounts for someone in the UK who couldn't get to Bulgaria in time to give a POA. The accountant prepared them then I took them to a lawyer who submitted them for me - the tax office accepted them without problem. Apparently lawyers are the only people who can do this if there is no POA available for the accountant.
Hope this helps.

[Pam]

Sell Overseas Property

Thanks Chris. We did a POA for ours a few years ago and it's been in use each year, but she is now saying a different one is needed this year. Our friends also did one which can't now be used. We'll try the lawyer route for our friends.

[bulgariabill]

Sell Overseas Property

Not sure if this will help/explain

From my legal office:-

Because of all the changes made to the accountancy legislation starting from 01.01.2018:
Companies that had no activity in 2017 has to submit the following 2 forms of accountancy reports:

To submit a Declaration about lack of activity /statistical declaration/ to the National Statistical Institute no later than 2nd of April 2018 – this declaration can be submitted online or in person BUT it can be submitted only to the department of the NSI in the region where the company is registered /i.e. for a company registered in Dobrich I cannot submit such declaration to NSI-Varna, but I have either to go to Dobrich or to send it online/

To publish a Declaration about lack of activity for 2017 at the Commercial Register no later than 31st of March 2018 – the application and all the documents can be submitted in person by the manager of the company or online with electronic signature, as not everyone can submit online /only the manager or the accountant or the solicitor/.

(hence the need for a P.O.A)

in case the company had no activity then you can submit the 2 forms in person if you visit the office of the NSI in the region where your company is registered.

Mine all done via P.O.A route, which suits me
Bill

[westwitch]

Sell Overseas Property

We've been in contact with the NRA and had a reply - in English - stating that from 2018 for companies with nil returns, it is no longer necessary to submit any paperwork to any department. They were quite categorical about this.

However, it seems the 2017-2018 returns should be submitted by whichever means are applicable.

Hopefully, after this year, there will be an end to this issue that has dogged us all for so many years.

[Pam]

Sell Overseas Property

Maybe a silly question, but how would I obtain an electronic signature?

[westwitch]

Sell Overseas Property

Hi Pam
Still not sure how it all works but here's something I found which may help?

http://psc.egov.bg/en/psc-electronic-signature
https://www.gov.uk/government/uploads/s ... idance.pdf
If you can understand it all - let me know!

[Pam]

Sell Overseas Property

Thanks for that Westwitch. These docs make it so clear don't they? Not!!! You find your head objecting before you're half way through.

We're seeing our accountant this week,though. I'll let you know what happens.

[AJ113]

Sell Overseas Property

We've been in contact with the NRA and had a reply - in English - stating that from 2018 for companies with nil returns, it is no longer necessary to submit any paperwork to any department. They were quite categorical about this.

However, it seems the 2017-2018 returns should be submitted by whichever means are applicable.

Hopefully, after this year, there will be an end to this issue that has dogged us all for so many years.

Thank you for this. Is there any chance of getting hold of a scan of the reply you got from the NRA please?