Corporate Tax Campaign End

March 31 is the deadline for submission of the mandatory corporate tax returns. All companies must adhere to this obligation by declaration of their financial and tax profit for the previous year.

At the end of the corporate tax campaign the National Revenue Agency reported a large number of tax returns submitted online (through e-signature) – around 140 000. The expected total number of tax returns of companies for this year should be around 400 000 which practically means that over one third of all firms use and apply online submission of such documentation.

It is important to point out that the use of e-signature in this procedure can provide a 1% discount from the tax due (but no more than 1 000 BGN). For that purpose, however, the tax must be entirely paid before the deadline (31/03/2014).

It is also useful to know that this is another year when companies could submit their tax returns and annual reports without the need for direct contact with the NSI. The objective is clear – simplification of the existing procedures for successful annual financial reporting.

The expectations for an active tax campaign in Bulgaria turned out true. That is another proof of the further business recovery. Clear re-distribution and natural diversification of the business environment are observed – non-adjustable and non-flexible companies lose their positions to far more perspective and skillfully-managed entities.

After hitting the bottom the pessimism seems to be slightly replaced by moderate optimism in several sectors – manufacturing, services, trade and even construction.

We end this year’s tax campaign with a range of mixed feelings prevailed by replacement of fear and stagnation, stronger optimism and more ostensible positive future outlook. And these essential psychological aspects of business attitude have already proved to be the actual economic driving force leading to prosperity.

In conclusion – we should not forget that the end of every tax campaign represents the beginning of the following one and there are more than sufficient facts to believe that it is going to be an even better one for the business that the one ending now.

March 30th, 2014 Posted by RPNAdmin Filed in: Other