What is VAT/DDS
VAT or Value Added Tax is a tax applied on the consumption of goods and services. This indirect tax is imposed on sales and is the responsibility of the consumers of the purchased goods or services. VAT tax on the territory of Bulgaria amounts to 20% of the value of all goods purchased or services received. This tax is included in the country’s budget and plays an important role in providing a large share of its revenue.
There are very specific laws regarding VAT that businesses and individuals should be aware of in order to avoid legal conflicts. Although companies in Bulgaria can complete a VAT verification or VAT registration process on their own, most of them choose to trust experienced experts in the field. By partnering with a VAT registration specialist, you can save yourself a lot of wasted time, money and energy.
Under what circumstances do you have to be VAT registered?
VAT registration can be mandatory or voluntary. When it comes to mandatory VAT registration of an individual or company, there are several cases that you should know about.
First, a company is subject to mandatory VAT registration when the turnover reaches BGN 50,000 for the previous 12 months. Registration is also mandatory if the turnover reaches this amount for less than two consecutive calendar months. In addition, VAT registration is mandatory when receiving services from abroad, when performing services for companies from other EU countries, when supplying telecommunications services or radio and television services, as well as when selling goods remotely. It is mandatory to register for VAT if you supply goods with assembly and installation, carry out intra-community acquisition of goods or when converting a commercial company.
For those less experienced in this area, it’s completely natural to feel confused about whether your company is subject to mandatory VAT registration. We can help with a VAT registration check which will allow us to confirm whether you need the procedure. Relying on a specialist will save you a number of legal disputes and conflicts, as well as potential financial losses for your business.
VAT company registration
The standard procedure for registering a company under VAT requires at least several visits to the National Revenue Agency, the preparation of a number of documents, verification of important data and other key elements. Successfully registering for VAT is likely to go through some headwinds and stress.
By choosing MKAFinance as your partner, you can save yourself a lot of trouble. We can prevent any inconveniences by taking everything related to your registration into our own hands. We will take care of collecting the necessary data and preparing the documents, we’ll submit the documentation, collect the documents when they are reviewed and ready, and complete the entire process for you.
During this time, you can conveniently focus on other priorities related to your business.
Required company information:
- Company name
- Description of company activity
- Company terms (if applicable)
- Headquarters and company address
- Founders details
- Capital details
- Nominal value of a share of the capital
- Number of company shares
- Distribution of shares by partners
- Manager details
- Form of representation
Required documents:
- Application for registration
- Reference for taxable turnover for the last 1 year
- Declaration of lack of convictions or of initiated criminal proceedings for crimes
- Power of attorney
- Sample questionnaire
Why choose us for VAT registration
In the face of MKAFinance, you will find a reliable and loyal partner who can help you prepare all the necessary documents for VAT registration and VAT refund. We can also provide assistance with VAT verification, as well as actively participate in your company’s accounting, the company’s tax return and other additional activities. Our team stands out from the rest with numerous years of experience, qualified experts and enthusiasm for work. For us, the services we offer are of key importance for individuals and companies that aim for growth and success.
You can count on us for outstanding professionalism, ease of work and flexibility. We are available to provide support and assistance at any time, regardless of the size of your company or your financial stability as a legal entity. Our prices are affordable, and the quality of our services is guaranteed.
