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Bulgaria

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Bulgaria Draft Budget Bill for 2021 Submitted in Parliament

Bulgaria's draft Budget Bill for 2021 was submitted in parliament on 27 October 2020 following its approval by the Council of Ministers on 21 October. The main tax measures of the draft bill include the following:

  • A permanent change in the annual corporate income tax return deadline from 31 March to 30 June of the following year (30 June deadline provided in 2020 due to COVID-19);
  • A permanent change in the annual individual income tax return deadline from 30 April to 30 June of the following year (30 June deadline provided in 2020 due to COVID-19);
  • Changes in the requirements for advance corporate tax installments, including:
    • declarations on adjustments (increase/decrease) would be due on 15 November of the current year;
    • declarations on expected profits for installment purposes for the current year would be due between 1 March and 15 April of the current year (currently included as part of the annual tax return); and
    • the threshold for imposing default interest on the difference in the final tax due compared to installments made would be changed to an increase of 25% (up from 20%); and
  • An extension of the reinvestment tax incentives for manufacturing companies operating in high unemployment municipalities through 2023 (currently scheduled to expire end of 2020).

Subject to approval, the changes will generally apply from 1 January 2021.

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