Democratic Bulgaria submitted a project to increase the VAT registration threshold
Democratic Bulgaria submitted a draft amendment to the Value Added Tax Act. According to him, the registration threshold is set at BGN 100,000 from January 1, 2023 and at BGN 166,000 from January 1, 2024.
This is the first in a series of bills as part of economic measures in response to rising prices as well as improving business in the environment. The project was signed by representatives of all four parties in the ruling coalition. The measure will affect at least 90,000 companies in the first phase and 110,000 companies in the second.
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“This is one of the most important reforms for small businesses, as there will be no significant administrative burden for small businesses. Expect that this way you will be able to work calmly and produce more value, from which you will have growth for the economy “, commented MP Martin Dimitrov.
According to the legislation of January 1, 2003, upon reaching BGN 50,000 we tax turnover for a period not longer than the last 12 following months before the last month, taxable thereafter in order to be registered in the VAT Act.
“Nearly 20 years have passed since then, during which there have been significant changes in socio-economic relations, in purchasing power, as well as the accumulated inflation during the period,” the statement said.
“The current VAT Act does not announce these changes. This in any way do not take into account and occur the transformations in the state, society and economy of the last 2.5 years, demand from the pandemic of KOVID-19, contact the introduction of restrictive measures that have led to a significant reduction in the turnover of debtors and the increase in the reduction for production “, the argumentation of the bill continues.
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The main objective pursued by proposing amendments is to alleviate administrative and regulatory burdens, impose micro, small and some medium-sized enterprises, as well as natural persons engaged in independent economic activity.
The proposed change will not adversely affect companies wishing to continue their activities as economic entities registered under the VAT Act.