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

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

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

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

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

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