Bulgaria's Parliament extends the 0% VAT rate on bread and flour to support consumers. In a move that underscores the Bulgarian government's commitment to its citizens' economic well-being, the parliament has recently passed a decision to extend the 0% VAT rate on bread and flour until December 31, 2024. This extension is a continuation of the relief measures introduced in July 2022, which were part of an "anti-crisis package" designed to ease the economic strain on consumers.
Bulgaria extends temporary reduced rates.
Public
Bulgaria
Author: Kristina Dosen
Category:
Fiscal subject related
Views:
176
Content accuracy validation date:
08.07.2024
Content accuracy validation time:
08:07h
The initial VAT reduction was scheduled to conclude on June 30, 2024, but with the acknowledgment of persistent economic challenges, the government has opted to extend this tax relief for an additional six months. This decision is a component of a larger strategy aimed at fostering economic stability and shielding the most vulnerable groups from the escalating costs of living.
By diminishing the tax load on essential food items, the government aspires to deliver substantial relief to consumers, thereby contributing to the nation's overall economic fortitude. Furthermore, the Bulgarian parliament has sanctioned a series of additional VAT rate reductions and extensions:
- Restaurant and Catering Services: The VAT rate for restaurant and catering services will be maintained at a reduced rate of 9% until December 31, 2024. This represents a year-long extension beyond the original end date of December 31, 2023.
- Tourist Services and Sports Facilities: The preferential 9% VAT rate applicable to tourist services and the use of sports facilities will now be extended until June 30, 2024, instead of concluding at the end of 2023.
These measures reflect the government's proactive approach to alleviating the financial pressures faced by its citizens and ensuring that Bulgaria remains economically resilient during challenging times.
Other news from Bulgaria
Announcement regarding the transition to the next stage of work on the introduction of the euro in the Republic of Bulgaria
Public
Bulgaria
Author: Nikolina Basić
Bulgaria
Author: Nikolina Basić
The Financial Supervision Commission (FSC) of Bulgaria has announced the transition to the next stage of the euro introduction, focusing on the readiness of the non-banking financial sector, including securities markets, investment intermediaries, insurers, and market infrastructures. Key deadlines include preparing information systems by November 30, 2024, and completing system adaptations by Mar... Read more
SAF-T Accounting in Bulgaria
Public
Bulgaria
Author: Nikolina Basic
Bulgaria
Author: Nikolina Basic
Bulgaria is set to adopt the accounting Standard Audit File for Tax (SAF-T) in phases, with the rollout expected to begin in 2025. The implementation will be conducted over five years, starting with large taxpayers who will be required to file reports in SAF-T format within 6-24 months. This will be followed by medium-sized businesses, small businesses, and micro-enterprises. Under the SAF-T syste... Read more
New document was uploaded: Law on the introduction of the euro in the Republic of Bulgaria (BG)
Bulgaria
Author: Kristina Dosen
The purpose of the law is to determine the general requirements of the process of introducing the euro as an official currency in Bulgaria. The law has been voted by the national ambassador, and official introductions are still pending; after that, the other deadlines can be determined. The law has been voted, although Bulgaria has not yet met the criteria for joining the Eurozone, which is one of the most important conditions. Read more
New document was uploaded: Law on the introduction of the euro in the Republic of Bulgaria (EN)
Bulgaria
Author: Kristina Dosen
The purpose of the law is to determine the general requirements of the process of introducing the euro as an official currency in Bulgaria. The law has been voted by the national ambassador, and official introductions are still pending; after that, the other deadlines can be determined. The law has been voted, although Bulgaria has not yet met the criteria for joining the Eurozone, which is one of the most important conditions. Read more
Bill for Amendments and Supplements to the Law on Payment Services and Payment Systems in Bulgaria
Public
Bulgaria
Author: Nikolina Basić
Bulgaria
Author: Nikolina Basić
In accordance with the procedures for introducing the Euro as an official currency in Bulgaria, the state institutions are working on other related laws and regulations, step by step. Therefore, during the public consultations is introduced a draft regulation of the Law on Amendments and Supplements to the Law on Payment Services and Payment Systems, which proposes amendments that aim to prepare p... Read more
More details about the Law of the Euro in Bulgaria
Bulgaria
Author: Nikolina Basic
As a reminder, the adaptation of Law on Euro was published at the end of August. We advise you to read more to stay focused on this topic. Read more
New education was created: Educational videos for Bulgaria
Public
Bulgaria
Author: Kristina Dosen
Bulgaria
Author: Kristina Dosen
Welcome to our comprehensive overview of fiscalization in Bulgaria. We covered the legal requirements (fiscalization requirements, fiscal devices, business processes, etc.) and technical aspects (transactions, our service, and other technical-related topics) necessary for compliance. In this series of videos, we delve into various topics essential for businesses operating within the Bulgarian land... Read more