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Secret_Squirrel
Not 'so' Newbie!
Joined: Feb 09, 2008
Posts: 40
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 Posted: Fri Aug 29, 2008 3:32 pm Post subject: Forming a Bulgarian Ltd company to reclaim Bulgarian VAT |
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Does anyone have any information on Forming a Bulgarian Ltd company to claim back the Bulgarian VAT?
I have two off-plan apartments due to be completed July 2009. I have 50% to pay on each of them. Will I need to form 1 or 2 companies and will the companies have to be active for accounting purposes and to get the VAT refund - if they are trading will I need bimonthly VAT submissions. |
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allet
Property Sales/Rentals
Joined: Jan 17, 2007
Posts: 839
Location: Somerset/Sunny Beach
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| Posted: Fri Aug 29, 2008 3:58 pm Post subject: Re: Forming a Bulgarian Ltd company to reclaim Bulgarian VAT |
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| Secret_Squirrel wrote: | Does anyone have any information on Forming a Bulgarian Ltd company to claim back the Bulgarian VAT?
I have two off-plan apartments due to be completed July 2009. I have 50% to pay on each of them. Will I need to form 1 or 2 companies and will the companies have to be active for accounting purposes and to get the VAT refund - if they are trading will I need bimonthly VAT submissions. |
As your buying apartments there isn't any need to form a company. However if you decide to buy in the companies name then one company can own any amount of properties in Bulgaria.
Hope this helps, |
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Secret_Squirrel
Not 'so' Newbie!
Joined: Feb 09, 2008
Posts: 40
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| Posted: Fri Aug 29, 2008 4:41 pm Post subject: |
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Thanks for your reply Allet. 
The reason for forming the Bulgarian Ltd company is to claim back the 20% Bulgarian VAT, that I will have to pay on my next instalment for both apartments. |
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leedarkwood
Topic Advisor: Village Life
Joined: Jun 09, 2005
Posts: 4657
Location: Near Gotse Delchev
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| Posted: Fri Aug 29, 2008 4:50 pm Post subject: |
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Be aware that to claim back vat you have to have the full 'factura' which is signed and stamped not just a till receipt and as far as I know you have to be a company which is currently trading. Suggest you ask a Bulgarian accountant.
Lee |
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Secret_Squirrel
Not 'so' Newbie!
Joined: Feb 09, 2008
Posts: 40
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| Posted: Fri Aug 29, 2008 8:30 pm Post subject: |
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Thanks for your reply Lee.
Any further advice from anyone will be most appreciated. |
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allet
Property Sales/Rentals
Joined: Jan 17, 2007
Posts: 839
Location: Somerset/Sunny Beach
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| Posted: Fri Aug 29, 2008 8:42 pm Post subject: |
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| leedarkwood wrote: | Be aware that to claim back vat you have to have the full 'factura' which is signed and stamped not just a till receipt and as far as I know you have to be a company which is currently trading. Suggest you ask a Bulgarian accountant.
Lee |
I second that, get advice as a mistake will be very costly.
Allet |
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oldtimer
Prop Management/Transport/Sales
Joined: Aug 14, 2005
Posts: 2734
Location: Bulgaria
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| Posted: Fri Aug 29, 2008 8:50 pm Post subject: |
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| leedarkwood wrote: | Be aware that to claim back vat you have to have the full 'factura' which is signed and stamped not just a till receipt and as far as I know you have to be a company which is currently trading. Suggest you ask a Bulgarian accountant.
Lee |
Lee is correct you cannot claim back the VAT by just making a company |
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