New obligation to declare cash and receivables
The State Budget Act for 2023 introduced a new requirement for enterprises registered under the VAT Act:
- Cash and receivables must be declared on a quarterly basis by owners, employees and accountable persons if their total value exceeds BGN 50,000.
- The information is submitted through the declarations under Art. 55, para. 1 of the Personal Income Tax Act and Art. 201, para. 1 of the Income Tax Act.
- The deadline for submission is by the end of the month following the quarter.
🔹 First declaration period: third quarter of 2023, with an extended submission deadline - November 14, 2023.
Despite some uncertainties regarding the application of the new rules, businesses should prepare by adapting processes and software systems to quickly and reliably collect the necessary information.
The KONTADOR team will continue to monitor developments and will inform you in a timely manner.