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Bulgaria’s 2025 Budget: Finance Minister Sets Bold revenue Targets, Tax Amnesty
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Tax and social security revenues are set to rise by BGN 15.6 billion compared to 2024, Petkova added. Rising Expenditures and Capital Investments. Expenditures in the draft budget for 2025 are estimated at BGN 98.9 billion, an increase of BGN 20.1 billion from 2024, primarily driven by higher salaries and pensions.
PDF BRIEF SUMMARY OF TAX CHANGES FOR 2025
In 2025 (and also retroactively in 2024) employers may opt for postponement (and inform the tax authorities accordingly) or for immediate taxation of employment income.New thresholds for 2025 In 2024 there is one low common limit of CZK 21,983.50 for tax-exempt health and leisure time related employee benefits. In 2025 there will be
Changes to several tax laws for 2025 published for public consultation
Changes to the tax accounting of assets and inventories are coming in 2025. VAT-registered companies will have to submit quarterly data on their fixed assets and inventories to the tax authorities. The proposal aims at better control… make repairs are also necessary to declare their income from this activity in the NRA. In the event that they carry out professional activity on their own account and are registered as self-insured persons, the amount of tax due on the total annual tax base is 10%, after deducting 25% of the statutory costs and the mandatory insurance contributions. The deadline for declaring and paying the taxes due for masters practicing the activity as a free profession is April 30, 2025. When persons act as traders, taxation is tax on the annual tax base for income from activity as a sole proprietor and the size is 15%. In this case, they file an annual tax return and pay the taxes due on the acquired income until June 30, 2025. Terms of use of tax relief for home improvements are detailed in Revenue Agency’s site and the consultation can be made wiht the NRA information center by telephones: 0700 18 700 or 02 9859 6801 (according to the tariff of the respective operator), and also by email: [email protected]. More about reporting revenue from repairing repairs can be seen in the latest NRA podcast published in YouTube And Revenue Agency’s Facebook page. Changes to Bulgaria’s Tax Laws for 2025: An Interview with Tax Expert Dr. Ivan Petrov
The Bulgarian government has recently published several upcoming changes to the tax laws for 2025. These changes aim to optimize tax accounting, raise revenues, and improve control mechanisms. To gain deeper insights, we sat down with Dr. Ivan Petrov, a tax expert and senior analyst at the Bulgarian Institute for fiscal Studies. Senior Editor, Jane Doe: Can you give us an overview of the main tax changes that will come into affect in 2025?
Dr. Ivan Petrov: Certainly.The most notable changes include the new regulations for VAT-registered companies, which will have to submit quarterly data on their fixed assets and inventories to the tax authorities. This is aimed at improving control and openness. additionally, there are new rules for income declaration for self-employed professionals and sole proprietors. Jane Doe: How will the new quarterly reporting requirements for VAT-registered companies affect their operations?
Dr. Ivan Petrov: this new requirement will add an extra layer of administrative work for these companies. However,it will enhance the government’s ability to track assets and inventories more effectively,possibly leading to better compliance and reduced tax evasion. Jane Doe: Can you explain the changes in tax accounting that are related to assets and inventories?
dr. Ivan Petrov: Companies will now need to account for their assets and inventories in a more detailed manner, with quarterly submissions mandated. This also extends to declaring income from repair activities. These changes are part of a broader effort to modernize the tax system and bring it in line with contemporary best practices. Jane Doe: What are the new tax requirements for self-employed professionals and sole proprietors?
Dr. Ivan Petrov: Self-employed professionals will be required to declare their income and pay taxes by April 30, 2025. For those acting as traders, there is a 15% tax on the annual tax base, with taxes due by June 30, 2025. These changes aim to ensure that all forms of professional and commercial activity are transparently accounted for and taxed appropriately. Jane Doe: How can individuals claim tax relief for home improvements?
Dr. Ivan Petrov: Detailed terms of tax relief for home improvements are available on the Revenue Agency’s site.Individuals can consult with the NRA data center via telephone or email for assistance. keep in mind that the specifics of these measures are subject to public consultation, so the details could evolve. Jane Doe: What opportunities do you see in these changes for both businesses and individuals?
Dr. Ivan Petrov: The new measures should lead to better tax compliance and potentially an increase in government revenue.They also provide clarity for taxpayers, especially regarding tax relief opportunities like those for home improvements. However,businesses might face initial challenges in adapting to the new reporting requirements. Jane Doe: What are the main takeaways taxpayers should keep in mind as these changes come into effect?
Dr. Ivan Petrov: The key takeaways are to stay informed, adapt to the new requirements promptly, and utilize the resources available through the Revenue Agency. The changes might seem daunting initially,but they are part of a larger effort to streamline and improve the tax system. Dr. Ivan Petrov is a renowned tax expert and senior analyst at the Bulgarian Institute for Fiscal Studies, specializing in tax law and public finance. He has published extensively on taxation policies and economic reforms in Bulgaria and Europe. For more information on the upcoming tax changes, you can refer to the brief summary of tax changes for 2025.Interview with Dr. Ivan Petrov: Understanding 2025 Tax Changes in Bulgaria
Overview of the 2025 Tax Changes
Impact on VAT-Registered Companies
Changes in Tax Accounting for Assets and inventories
Self-Employed Professionals and Sole Proprietors
Tax Relief for Home Improvements
Opportunities and Concerns
Final Thoughts
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