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davshaz
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PostSubject: Yearly accounts   Mon Feb 07, 2011 11:22 am

First topic message reminder :

I have just had this from my agent and wondered if the price was ok? I can't remember what we paid last year

Annual Company Financial Reports
All Bulgarian Companies must complete and submit an annual Company Financial Report to the Trade Registry Agency prior to June 30th according to Bulgarian law. Failure to do so could result in a fine of between 1,500BGN &
3,000BGN.
The cost for this service to our clients will be 140BGN inclusive of 52.50BGN government tax.


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fido
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PostSubject: Re: Yearly accounts   Wed Feb 09, 2011 11:57 am

I would guess many of the expats are in a similar position to me in that their Bulgarian is very limited. I feel that I'm paying my money and just trusting the honesty of those involved to actually do the accounts, make the 50 lev registry payments etc. Is there any way to check that the work has been carried out and some unscrupulous agent or accountant has not just pocketed the cash and done nothing?

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davshaz
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PostSubject: Re: Yearly accounts   Wed Feb 09, 2011 1:09 pm

Just had an update something they forgot to mention.

I forgot to mention about the submitting of the company report.
As mentioned in previous e-mails to our clients the report can only be signed and submitted by the company manager or by lawyer with POA, or certified accountant with notarised POA.

Did we re-register your company and submit the reports for 07,08 &
09? If so, we would have made arrangements for our accountant to be able to submit future financial reports to the Trade Registry.

There are no additional payments to make, unless you need a specific POA for the accountant to submit your company reports. In which case we would supply the documentation free of charge, but you will have to pay a Notary to notarise the document.
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nominal
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PostSubject: Re: Yearly accounts   Wed Feb 09, 2011 5:50 pm

To davishaz: Good. Now you see, when you have got the right information you can ask the right questions. g

to fido: Ask for confirmation. Unfortunately the Commercial registry site [url:92cdcnid]http:
//www.
brra.
bg[/url:92cdcnid] is in Bulgarian language only (which is quite normal I think - the HM Revenues and customs website hasn't got a Russian or Spanish version) so insist for confirmation. Ask a friend of yours who speaks Bulgarian to check it. You can see online your company status - which docs are submitted, which are not. I know that 99% of you set companies only for purchasing realty, but nevertheless it's a company and after all you are responsible for the company documentation so you have to be sure that you pay to a trustworthy company or accountant.
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scott
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PostSubject: Re: Yearly accounts   Wed Feb 09, 2011 5:53 pm

nominal are you saying still that davshaz has a good offer from his agent? :Drink:I can't quite work out what he will actually pay
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nominal
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PostSubject: Re: Yearly accounts   Wed Feb 09, 2011 6:13 pm

Yes, I think that this price is good, not the best but very good.
Every company in BG no mater is it active or not should:
1. Submit tax declaration once a year up to 31 March
2. Prepare and submit a declaration to the National statistics that it hasn't got any activity
3. To prepare an annual financial report (balance sheet, income and expenses report, cash flows, assets report and about 15 more reports which are not empty - at least every company has got a hose or an appartment) and to "
publish"
it to the Commercial registry up to 30 June.
I think it's a job and it has to be paid. I compare their fees with ours - they offer job done for 220 BGN, we do it for 175. The difference is not so big so yes, I think their offer is also good regarding the price. I don't know how they work or how fast they will do it, but the price seems OK to me. If you don't submit your tax return you'll be fined automaticly with about 750 BGN, and if you don't "
publish"
you reports you'll be fined with about 2000 BGN. That's why he is paying for I think.
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oddball
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PostSubject: Re: Yearly accounts   Wed Feb 09, 2011 7:43 pm

[You must be registered and logged in to see this link.] wrote:
Yes, I think that this price is good, not the best but very good.
Every company in BG no mater is it active or not should:
1. Submit tax declaration once a year up to 31 March
2. Prepare and submit a declaration to the National statistics that it hasn't got any activity
3. To prepare an annual financial report (balance sheet, income and expenses report, cash flows, assets report and about 15 more reports which are not empty - at least every company has got a hose or an appartment) and to "
publish"
it to the Commercial registry up to 30 June.
I think it's a job and it has to be paid. I compare their fees with ours - they offer job done for 220 BGN, we do it for 175. The difference is not so big so yes, I think their offer is also good regarding the price. I don't know how they work or how fast they will do it, but the price seems OK to me. If you don't submit your tax return you'll be fined automaticly with about 750 BGN, and if you don't "
publish"
you reports you'll be fined with about 2000 BGN. That's why he is paying for I think.

Nominal for your reply and explaining things to us clearly. Secondly let me just tell our members that we use Nominal accountants to do our tax returns and from day one have found them to be very efficient, reliable and a pleasure to deal with. The transaction is quick easy and painful and no worries what so ever. Once the accounts have been logged we then get a receipt. My only regret is, we did not find them sooner. So thank you again and well done g.

Lastly just want to say that for the past 2 tax years Nominal Ltd has been donating 10% of all tax returns they do to the Silistra Orphanage. The have been fantastic!!! :Handshake:thank you a million times over.

Oddy g

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fido
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PostSubject: Re: Yearly accounts   Wed Feb 09, 2011 8:30 pm

Thanks for the recommendation, I have emailed Nominal to ask if they can do my accounts. T

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Carmen
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PostSubject: Re: Yearly accounts   Thu Feb 10, 2011 12:23 pm

Well done Nominal for you help with Silistra
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PostSubject: Re: Yearly accounts   Sun Mar 20, 2011 11:01 pm

[size=150:1fm3ss3n]Company Tax Returns Reminder


The deadline date for submission of tax returns is approaching. If you have not submitted your company tax return, please do so now. The re-registration of all active companies onto a national database means the relevant authorities will be aware of all companies that have or have not submitted a tax return. Fines have been increased this year from a minimum of 500 lv. to 1,000 lv.

All Bulgarian companies must submit a Company Tax return to the local tax office in which the company was registered prior to 31st March 2010.

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Fletch
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PostSubject: Re: Yearly accounts   Mon Mar 21, 2011 6:47 am

Regarding the fine, it is one for the company and one for the director if the tax return is not submitted on time, so really you are being fined twice. People should also check that once they have re registered that the company submitted there financial report to the agency and paid the tax of 52lv. Re registereing has been extended now to 31.12.11. If any one is interested our company do offer tax returns and our charge is 150lv.

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nominal
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PostSubject: Re: Yearly accounts   Thu Nov 17, 2011 10:50 pm

On January the 1st 2012 all non-reregistered in the Commercial registry companies will be automatically closed. They will no longer exist!!!
See details at [url:2dreicp2]http:
//www.
facebook.
com/NominalAccountants[/url:2dreicp2]
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oddball
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PostSubject: Re: Yearly accounts   Thu Nov 17, 2011 11:47 pm

[You must be registered and logged in to see this link.] wrote:
On January the 1st 2012 all non-reregistered in the Commercial registry companies will be automatically closed. They will no longer exist!!!
See details at [url:18ptul7y]http:
//www.
facebook.
com/NominalAccountants[/url:18ptul7y]

:Good post:Borislav :Thank you:This will help our members. g

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Andy
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PostSubject: Re: Yearly accounts   Thu Jun 23, 2016 11:27 am


Fines According to the New Accountancy Act of Bulgaria

The new Accountancy Act of Bulgaria that has entered into force on 01.01.2016 provides higher penalties regarding preparing and publishing of companies' financial reports:

- Fine for a person who will order drafting of the financial report to a person who does not meet the requirements of a drawer of financial reports shall be penalised with a fine to the amount from 500 to 3000 BGN and the fine for the company is to the amount from 2000 to 5000 BGN. Fine for a repeated violation during one year period after the first violation is to the double amount of the fine for the first violation.
- Fine for a person who draws a financial report without meeting the requirements to a drawer of financial reports is to the amount from 500 BGN to 3000 BGN. An accounting company which draws a financial report without meeting the requirements to a drawer of financial reports is to the amount from 2000 BGN to 5000 BGN. Fine for a repeated violation during one year period after the first violation is to the double amount of the fine for the first violation.

- Fine for a person who is obliged to draft a financial report and does not fulfil this obligation is to the amount from 500 BGN to 3000 BGN and the fine for a company is from the amount of 2000 BGN to 5000 BGN. Fine for a repeated violation during one year period after the first violation is to the double amount of the fine for the first violation.

- Fine for a person who is obliged to publish a financial report and does not fulfil this obligation is to the amount from 200 BGN to 3000 BGN and the fine for a company is from the amount from 0.1 to 0.5 per cent from the amount of the net sales during the reporting period but not less than 200 BGN. Fine for a repeated violation during one year period after the first violation is to the double amount of the fine for the first violation.



Some Important Amendments in the New Accountancy Act of Bulgaria

1. The accounting documents in a foreign language /non-Bulgarian/ should be translated in Bulgarian only when it is provided by the law.


2. All primary accounting documents should be kept for 10 years starting from 1st of January of the year following the year of issuing of the document.


3.The new Accountancy Act determines following categories of companies:
3.1. Micro-enterprises - those that to 31st of December of the current reporting period do not exceed the limits of at least two of the following three criteria:
- Balance value of the assets - 700 000 BGN
- Net revenue from sales - 1 400 000 BGN
- Average number of the employees during the reporting period - 10 people
3.2. Small enterprises - those that to 31st of December of the current reporting period do not exceed the limits of at least two of the following three criteria:
- Balance value of the assets - 8 000 000 BGN
- Net revenue from sales - 16 000 000 BGN
- Average number of the employees during the reporting period - 50 people
3.3. Medium enterprises - those that to 31st of December of the current reporting period do not exceed the limits of at least two of the following three criteria:
- Balance value of the assets - 38 000 000 BGN
- Net revenue from sales - 76 000 000 BGN
- Average number of the employees during the reporting period - 250 people
3.4 Large enterprises - those that to 31st of December of the current reporting period exceed the limits of at least two of the following three criteria:
- Balance value of the assets - 38 000 000 BGN
- Net revenue from sales - 76 000 000 BGN
- Average number of the employees during the reporting period - 250 people
The category of an enterprise can be changed in case the company stops to meet requirements of two criteria for the specific category.


4. The new Accountancy Act provides some simplification of the annual financial reports:
- annual financial reports of all the companies should consist of at least: Balance sheet, profit and loss report and appendix
- annual financial report of a sole trader with net revenue from sales not exceeding 200 000 BGN that is not a subject of the mandatory independent financial audit can consist only of profit and loss report
- annual financial report of a micro-enterprise can consist only of a condensed balance sheet, a condensed profit and loss report and an appendix
- annual financial report of a small enterprise can consist only of a condensed balance sheet, a condensed profit and loss report and an appendix
- annual financial reports of medium and large enterprises should represent a full report drafted according to the relevant accounting standards.


5. Each enterprise should publish its financial report till 30th of June of the year following the reporting one.
If a company has submitted its financial report on time but the relevant authority has refused to publish the report, it will be considered that the financial report was submitted on time in case the second application is submitted within 14 days after entering of the refusal in force.
Small enterprises that are not subject to mandatory independent financial audit have the right not to publish their profit and loss reports and reports on activity.
Sole traders that are not subject to mandatory independent financial audit are not obliged to publish their financial reports.


6. Micro-enterprises and small enterprises /except investment companies and financial holding companies/ are released from the obligation to submit their annual reports on activity.


7. Persons who can draw financial reports:
7.1. Reports of sole traders and micro-companies without any activity during the reporting period can be prepared by the owners or shareholders of such enterprises.

7.2. In all other cases the financial reports should be drawn by persons meeting the following requirements:
- Tertiary education in accounting and economics and a master's degree and two years length of employment in the area of accounting, internal and external audit and financial inspection, tax audits or as an educator in accounting and control
OR
- Tertiary education in accounting and economics and a bachelor's degree and three years length of employment in the area of accounting, internal and external audit and financial inspection, tax audits or as an educator in accounting and control
OR
- Tertiary education in accounting and economics and a specialist degree and four years length of employment in the area of accounting, internal and external audit and financial inspection, tax audits or as an educator in accounting and control
OR
- Other tertiary economic education and 5 years length of employment in the area of accounting, internal and external audit and financial inspection, tax audits or as an educator in accounting and control
OR
- Secondary economic education and 8 years of previous employment as an accountant.

7.3. The person drawing the financial report should be in employment or contractual relationship with the enterprise.

7.4. A drawer of financial statements may be a person who has not been convicted for theft, robbery, embezzlement, fraud, blackmailing, receiving of stolen goods, destruction and damage, abuse of trust, a crime against the economy.


Got this yesteday from my lawyer and thought it maybe of interest to some of us.
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oddball
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PostSubject: Re: Yearly accounts   Thu Jun 23, 2016 1:19 pm

Thanks [You must be registered and logged in to see this link.] I have copied and pasted this on the ourbulgarianforum facebook page hope you don't mind... T

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PostSubject: Re: Yearly accounts   Mon Jun 27, 2016 9:01 pm

6. Micro-enterprises and small enterprises /except investment companies and financial holding companies/ are released from the obligation to submit their annual reports on activity.

Thanks very much for this info, dont know how we, me and my BG partner missed this very good news, i understand the above as, no need to submit to the registry anymore, very easy and free to keep a nil trading company in BG now!

BG Ian
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