Amendments to VAT Act Adopted Conclusively

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Amendments to VAT Act Adopted Conclusively

The Bulgarian parliament adopted conclusively amendments to the Value Added Tax Act on Wednesday. Under the said amendments, the VAT refund deadline is reduced from 45 days to 30 days. The deadline for submittal of VAT returns has also been reduced. An interest will be paid in cases of unjustified delays in VAT recovery.

MPs decided to levy a VAT charge on legal representation services in court.

Cash registers have to be fitted with a point-of-sale tax reporting device linked with the taxing authority. A proposal was rejected that only businesses with an annual turnover of over 500,000 leva should install such a device.

A vendor who is a natural person will be fined between 100 and 500 leva for not issuing a cash register receipt. The same offence will carry a 500 to 2,000 leva fine for legal persons and sole traders.

Failure to implement rules for the operation of cash registers and to install a point-of-sale tax reporting device will carry a 300-1,000 fine for natural persons and a 3,000-10,000 fine for legal persons and sole traders.

Source: BTA

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