Annual Tax Return – Companies

In the context of the ongoing tax campaign and the most recent changes in tax payments, mostly related to the division of the common tax account into four different accounts, we consider it necessary to bring your attention to several very important features of the companies’ tax campaign.

The deadline for tax return submission is 31/03/2014, as a 1% discount of the tax due is available if the form gets submitted electronically. That discount, however, cannot exceed BGN 1,000.

It is also important to point out that the deadline of the tax payment coincides with the deadline of the tax return submission – 31/03/2014. If it is not met, overdue interests must be paid.

An interesting fact related to the tax campaign is the so far unknown obligation of companies that had no economic activity according to the official legislation to submit annual tax returns. They are also required to fill out a specific form which goal is to declare that no income or expenses were accumulated. Companies with no actual activity are not obliged to submit annual financial statements for the year in question.

The payment of the due tax is to be executed through banking, via post payment or online. The introduction of a new bank account from 01/03/2014 should also be taken into consideration.

Apparently, the preparation and submission of annual tax returns represent not only a complicated, but also an extremely responsible procedure. Inaccuracy and incompletion in the submitted documentation (tables, forms, reports, etc.) should not be allowed since such could cause charges, penalties and interests.

That is why throughout this process we strongly recommend the services of professional accountancy and financial advisors both regarding their consultation services and their assistance for the successful realization of the entire procedure.

March 05th, 2014 Posted by RPNAdmin Filed in: Other