Fiscal subject related
Don’t forget, that this change will affect VAT Act, Ordinance No. 18 important for fiscalization, fiscal receipts will be changed, and fiscal devices will also be changed. All of these are discussed many times in our previous news.
If we analyze the draft law for Euro, we can see in its transitional and final provisions that, within three months from the entry into force of this law for Euro, the Minister of Finance needs to submit the regulation under Art. 118, para. 4 of the Law on Value Added Tax in accordance with the law, determining:
- the conditions and manner of registering and accounting for sales and/or canceling the operations of goods and services by issuing a fiscal receipt or another document registering the payment in euros;
- the conditions and manner of announcing the final amount in the issued fiscal receipt in levs and in euros during the period of double indication of the prices of goods and services
- the functional and technical requirements for fiscal devices and integrated automated systems for managing commercial activity in connection with the introduction of the euro;
- the submission of data to the National Revenue Agency;
- all other changes arising out of and in connection with the performance introduced by the new law
The law of the euro will also change other acts (besides the VAT Act), such as commercial law, the Consumer Protection Act, the Law on the Activities of Collective Investment Schemes, the Law on Financial Instruments Markets, the accounting law, the Tax and Insurance Procedural Code, the Law on Corporate Income Taxation, the Social Security Code, the Law on Guaranteeing Deposits in Banks, the Law on Measures Against Money Laundering Tourism Act, the Currency Law, and others.
Other news from Bulgaria
New document was uploaded: Law on the introduction of the euro in the Republic of Bulgaria (BG)
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)
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
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
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
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
EU to protect domestic e-commerce sellers with a cross-border tax reform
As online shopping continues to grow, the European Union is planning to implement new regulations to protect local e-commerce sellers. One significant change affects consumers who shop on international platforms like Temu or AliExpress. The EU has already taken some steps at the first sign of growing foreign e-commerce sellers, and since July 1, 2021, all goods entering the EU, regardless of their... Read more