Experta – Счетоводна агенция

счетоводни услуги Експерта

Plovdiv, Maria Luisa Blvd. №. 64

Plovdiv,Bulgaria

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Experta - Счетоводна агенция

NEW MINIMUM THRESHOLD FOR REGISTRATION UNDER THE VAT ACT

It is a well-known fact to all business owners, company managers, accountants and lawyers involved in this sector that the threshold for registration of a company under the VAT Act is 50 000 BGN. Once this amount is exceeded, registration is compulsory, an activity that only appeals to some small and medium-sized businesses but opens many doors for those who work.

On this subject, we from the accounting firm EXPERTA want to introduce you to a novelty! From January 1, 2023, the minimum threshold for registration under the VAT Act becomes BGN 100 000.

The National Revenue Agency (NRA) announces that the change officially enters into force by Council Implementing Decision (EU) No 2022/2254 of November 14 2022, published in the Official Journal of the European Union on November 17 2022.

Another essential piece of information is that the new threshold will be applied until December 31 2024. After that, new rules on special treatment for small businesses will come into force.

What happens if you have already taken action on VAT registration?

There are no irreversible actions. In the last 12 months, people who have a taxable turnover below BGN 100 000 till January 2023 and who wish to terminate their registration under the VAT Act may apply for deregistration at the competent territorial directorate of the National Revenue Agency.

Registrants with a taxable turnover of less than BGN 100 000 in the last 12 months till January 2023 but wish to continue their registration do not need to apply.

If you have any questions about accounting for your business or are thinking of starting one, don’t hesitate to contact us for a professional consultation. The team of Experta Accountancy Agency works with heart and soul to support our clients – future and current!