Deadline Alert: NRA Reminds Businesses to Submit Tax Declarations for Q4 2024 by End of January 2025
As the fiscal year comes to a close, the National Revenue Agency (NRA) has issued a timely reminder to businesses adn self-insured individuals regarding their tax obligations for the fourth quarter of 2024. Enterprises that paid income from non-employment relationships, rent, or other sources under Article 35 of the Income Tax Act must submit their tax declarations by January 31, 2025. This declaration, mandated under Article 55, Paragraph 1 of the Income Tax Act and Article 201, Paragraph 1 of the ZKPO, must be filed exclusively through the NRA electronic services portal.
What Needs to Be Declared?
Table of Contents
The declaration covers a wide range of income types, including:
- Final taxes withheld on income of foreign natural persons, such as fees for technical services or interest income.
- Final taxes withheld on income of local and foreign natural persons, including dividends and liquidation shares.
- Withholding taxes under the Corporate Income Tax Act, applicable to dividends and liquidation shares paid to foreign and domestic legal entities, including municipalities.
Additionally, businesses must provide information on income subject to final VAT tax or withholding tax under the ZKPO, especially for payments made to residents of other European Union member states. This includes income from rent, royalties, or management and control activities.
Accounting Records Declaration
Businesses registered under the Value Added Tax Act are also required to declare their current accounting records as of the end of Q4 2024. This includes:
- Cash available in cash registers.
- Receivables, including loans granted to owners, workers, employees, or individuals under management and control contracts, if the total exceeds BGN 50,000.
key Deadlines and Resources
The NRA has emphasized the importance of timely submissions to avoid penalties. For assistance, businesses can contact the NRA at 0700 18 700 or 02 9859 6801 (charges apply based on the operator’s tariff). Detailed guidance is also available on the NRA’s official website or at local revenue management offices.
Summary Table: Key Points for Q4 2024 Tax Declaration
| Aspect | Details |
|———————————|—————————————————————————–|
| Deadline | January 31, 2025 |
| Submission Method | Electronically via the NRA electronic services portal |
| Income Types Covered | Non-employment income, rent, dividends, liquidation shares, royalties, etc. |
| Accounting Records Required| Cash in registers, receivables exceeding BGN 50,000 |
| Contact Information | 0700 18 700 or 02 9859 6801; NRA website |
Why This Matters
This declaration is not just a routine administrative task. It plays a critical role in ensuring compliance with EU regulations on automatic tax information exchange.By accurately reporting income and withholding taxes, businesses contribute to a clear and efficient tax system.
final Thoughts
As the deadline approaches, businesses are encouraged to act swiftly. The NRA’s electronic portal simplifies the process,but timely action is essential to avoid last-minute complications. For further clarification, don’t hesitate to reach out to the NRA through their official channels.
Stay compliant, stay informed, and ensure your business meets its fiscal responsibilities for 2024.
Headline: “Navigating the NRAS Q4 2024 Tax Declaration: An Expert’s Outlook”
Interviewer: Senior Editor, World-Today-News
Guest: professor Lyuben Ivanov, Tax Law Specialist and Professor of Finance at Sofia University
Interviewer: Professor Ivanov, thank you for joining us today. As the end of the year approaches, businesses are reminded by the National Revenue Agency (NRA) to submit their tax declarations for Q4 2024 by the end of January 2025. Can you elaborate on what these declarations entail and why they’re crucial?
Professor Ivanov: Thank you for having me. Indeed, the NRA’s reminder is a timely one. The quarterly tax declaration,mandated under the Income Tax Act and the Value Added Tax and Excise Duties Act,serves as a vital tool for the NRA to track and manage tax liabilities. It’s a comprehensive document that covers various types of income, including non-employment income, rent, dividends, royalties, and more.
Interviewer: You’re right. The declaration is quiet extensive. Can you guide our readers through the various income types that must be declared?
Professor Ivanov: Certainly. The declaration covers final taxes withheld on income of both foreign and local natural persons, including dividends and liquidation shares.It also extends to withholding taxes under the Corporate income Tax Act, applicable to dividends paid to both domestic and foreign legal entities. Additionally, businesses must provide information on income subject to final VAT or withholding tax under the ZKPO, especially for payments made to residents of other European Union member states.
Interviewer: that’s quite a broad range. To help businesses prepare,what specific accounting records are businesses registered under the Value Added Tax Act required to declare as of the end of Q4 2024?
Professor Ivanov: Businesses under the Value Added Tax Act must declare their current accounting records,including cash available in cash registers and receivables that exceed BGN 50,000. This information is crucial for the NRA to monitor and ensure compliance with VAT regulations.
Interviewer: professor Ivanov, you’ve mentioned compliance several times. Why is this declaration so vital, and what are the consequences of non-compliance?
Professor Ivanov: Compliance with these declarations is not just a legal obligation, but also a critical step in maintaining a clear and efficient tax system, as required by EU regulations. Non-compliance can lead to ample penalties, interest on late payments, and even inspections by the NRA, which can disrupt business operations.
Interviewer: Thank you, Professor ivanov, for your expert insights. Before we wrap up, what advice would you offer to businesses to ensure they meet this upcoming deadline?
Professor Ivanov: My advice would be to act promptly and make use of the NRA’s electronic services portal, which simplifies the submission process. Businesses should also keep detailed records throughout the year to avoid last-minute rushing. If there are any uncertainties, reaching out to the NRA through their official channels can provide helpful clarification.
Interviewer: Excellent advice, indeed. Thank you, Professor Ivanov, for joining us today and shedding light on this important topic.
professor Ivanov: My pleasure. It’s crucial for businesses to understand their fiscal responsibilities and act accordingly.
