We at Best BG Properties LTD for years offer and provide full specter of property related services. With this article we would like to inform you about the recent changes that concern a lot of foreign property owners.
Many foreign investors own real estate in Bulgaria through a company. These companies were registered and existed only for the sake to obtain the property and never had other activity. So far it was a must to apply a Financial Report each year in the Bulgarian Trade Registry and a declaration to the Statistics Institute saying that the company has no activity as well as a Declaration to the National Revenue Agency.
The ones who were neglecting these obligation were being sanctioned by the authorities . In a quest to reduce the administrative burden Bulgarian government accepted law changes with which the owners of companies that do not have activity, do not have obligation to supply Financial Report and Declaration that the company has no activity to the Bulgarian Revenue Agency . The current change is in power from 01/01/2018. However the companies with no activities still have the obligation to prepare and submit a Declaration to both the Trade Registry and the Statistics. The Declaration must say that the company has no activity for the past year of taxation. This Declaration can only be submitted directly by the Manager of the Company or by a Lawyer. No fee is involved for submitting this document.
REGARDING THE COMPANIES WITH ACTIVITY
There is a change concerning the companies which have activity (this can be a new purchase or a sale in the past taxation year ) - the Declaration that is due to the National Revenue Agency from 01/01/2018 can only be submitted with Electronic Signature and the person who is submitting must be authorized by the Manager of the Company in written notarized form for this.