Bulgaria: New Special VAT Regime for Small Businesses Announced

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The Bulgarian National Revenue Agency announced on June 5 a new VAT regime for small businesses. The key points of this announcement include:


  1. EU member states are now permitted to set an annual turnover threshold for exempting certain supplies, with a maximum limit of 85,000 euros (US$92,327).
  2. There is a VAT exemption for eligible taxpayers who are not established in the member state where the VAT is due.
  3. Simplifications have been introduced for registrations and declarations for specified taxpayers.
  4. An EU-wide annual turnover threshold of 100,000 euros (US$108,621) has been established as a safeguard for the cross-border application of this regime.
  5. Taxpayers with a place of business within the specified territory, whose annual turnover in the EU is below 100,000 euros and below the national threshold of the member state in which they seek VAT exemption, will be eligible for exemption in the relevant member states.
  6. The territorial scope of the regime has been expanded.


This new regime will be effective from January 1, 2025.


Source: nra.bg

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