As we stated in our previous news, At the end of July and beginning of August, the Bulgarian Parliament approved the regulations for replacing the lev with the euro, even though Bulgaria has not yet met the criteria for joining the Eurozone. But still, there are no official publications of the Law of the Euro, no dates when the Euro will be only a legal tender, how long will last the double currency period, etc.
What regulations are still expected to be published after the Law of Introduction Euro is accepted by the Bulgarian Parliament, important for retail and fiscalization?
Public
Bulgaria
Author: Nikolina Basic
Category:
Fiscal subject related
Views:
204
Content accuracy validation date:
27.08.2024
Content accuracy validation time:
08:11h
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
Bulgaria and the Euro: Integration with the Instant Payment System
Bulgaria
Author: Nikolina Basić
Bulgaria is advancing its euro adoption plans with integration into the Eurosystem's TIPS service, enabling instant euro payments within ten seconds, 24/7. This step supports Bulgaria's National Plan for adopting the euro, with additional payment service providers expected to join TIPS in 2025. Read more
Important notice from Bulgaria: transition to New NRA Electronic Services Portal
Public
Bulgaria
Author: Nikolina Basić
Bulgaria
Author: Nikolina Basić
The National Revenue Agency of Bulgaria has published an important notice: starting Monday, December 9, 2024, the redirection from the old National Revenue Agency (NRA) electronic services portal at https://inetdec.nra.bg/ to the new portal will be discontinued. After this date, all users must access NRA's electronic services exclusively at https://portal.nra.bg/. For nearly three years, the old p... Read more
New document was uploaded: S4F backoffice patch
Author: Kristina Dosen
S4F backoffice patch is intended for users who have already installed S4F backoffice and are intended to update existing installations to latest version. To do so apply only patches that are marked with version number that is newer than your currently installed instance of backoffice. Read more
New document was uploaded: Recorded webinar: E-invoicing for Global Retailers
Public
All countries
Author: Kristina Dosen
If you are struggling with complex e-invoicing implementations across multiple countries, and if you are concerned about mounting costs, potential delays, or compliance risks, our webinar will help you to learn how global retailers can streamline e-invoicing efficiently! With countries worldwide mandating e-invoicing, international retailers face unique challenges adapting to new regulations acros... Read more
A proposal for VAT in the digital age (ViDA) has been approved.
Public
Author: Nikolina Basić
The EU's Economic and Financial Affairs Council (ECOFIN) has approved the Value Added Tax in the Digital Age (ViDA) proposal, aiming to modernize VAT rules and combat tax fraud. ViDA introduces key measures like Digital Reporting Requirements (DRR), VAT collection for the platform economy, and expanded Single VAT Registration, with implementation planned from 2027 to 2035. Businesses must prepare... Read more
Announced changes in VAT rates for restaurants in Bulgaria
Public
Bulgaria
Author: Nikolina Basić
Bulgaria
Author: Nikolina Basić
Bulgaria’s 2025 draft budget includes a proposed return to the standard 20% VAT rate on restaurant services and bread, ending the temporary reduction to 9%. This adjustment aims to stabilize tax revenue, with other VAT and tax rates remaining unchanged. The Bulgarian Ministry of Finance has announced the Prime Minister's proposed tax measures for the 2025 budget. Key among these proposals is the r... Read more
Bulgarian retailers prepare for Euro transition
Public
Bulgaria
Author: Nikolina Basić
Bulgaria
Author: Nikolina Basić
Retail chains in Bulgaria are actively preparing for the transition from the Bulgarian leva to the euro, focusing on regulatory coordination with the Ministry of Economy and the Commission for Consumer Protection. While the official date for the euro adoption remains unknown, businesses are gearing up for dual pricing labels starting in March, and discussions on fiscalization and other technical a... Read more