Filing of financial accounts and corporate tax returns
Each year, Bulgarian companies are obliged to draw up an accounting balance sheet of their operations. This report is primarily intended to meet the company's internal needs (associates, etc.) as well as to inform the company's partners (banks, etc.).
The accounting balance sheets of companies are also of interest to public administrations (to administer the country's economy and collect taxes in particular) and Bulgarian companies are therefore obliged to file their accounts with 3 institutions:
Filing of accounts with the statistics institute
Accounts are filed with the National Institute of Statistics (NSI) via the institution's website.
Companies that have no activity are however exempt from this obligation, provided that they file a declaration of non-activity.
A company is considered as having no activity if it has no income and less than 500 LEV of charges per year.
Filing of accounts with the tax administration
The tax declaration is linked to the data filed with the National Institute of Statistics, so that it is not possible to file the tax declaration without having first filed the financial data on the site of the National Institute of Statistics.
Bulgarian companies have until June 30 of each year to file the tax declaration relating to the previous year. They then have an additional period of 3 months running until September 30 to correct their declaration and possibly modify the financial data without incurring a penalty.
Filing of accounts with the commercial register
Bulgarian companies must submit their balance sheet to the commercial register where it will be accessible and searchable by third parties.
Bulgarian companies have until September 30 each year to file for their financial statements for the previous year.
The balance sheet, which is filed with the commercial register, must include the signature of the company executive (manager, administrator) and the signature of an authorized accountant or chartered accountant.
Companies that have no activity are exempted from the obligation to file a balance sheet in the commercial register on the condition, however, that they file a declaration of non-activity instead.