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Bulgaria Confirms Increase in VAT Registration Threshold from January 2023 — Orbitax Tax News & Alerts

Bulgaria's National Revenue Agency has issued a release confirming that the VAT registration threshold is increased to BGN 100,000 with effect from 1 January 2023 as authorized by the Council Implementing Decision of 14 November 2022. The release also confirms that until 31 December 2022, a threshold of BGN 50,000 applies for mandatory VAT registration. Further, the release clarifies that registered taxpayers with taxable turnover below BGN 100,000 in the previous 12 months as of 1 January 2023 may submit an application to terminate their VAT registration. Registered taxpayers below the new threshold as of 1 January 2023 that wish to remain registered do not need to take any action.