October 10 2019

Proposed amendments to Accountancy Act – presented to National Assembly

Source: IBFD Tax Research Platform News

Report from our correspondent Atanas Sabev, Manager, PwC Bulgaria

On 9 October 2019, a bill amending the Accountancy Act was introduced to the National Assembly. The bill proposes simplification of the disclosure rules for dormant enterprises (i.e. enterprises not engaging in any activities during a reporting period). Under the proposed amendments:

  • dormant sole traders will be exempt from the obligation to submit a declaration of the lack of any activities to the Commercial Register; and
  • all other dormant enterprises must file such a declaration only for the first dormant period.

Currently, all dormant enterprises must submit a declaration of lack of any activities on an annual basis.