VAT refunds to companies and individuals.
Lawyer Ilonka Kovacheva provides the service of VAT refunds to companies and individuals. Value added taxation (VAT) is regulated by the Law on Value Added Tax (VAT). It defines the objects of taxation, taxpayers, taxing the imports and supplies, charging the tax rates and determining the tax liability, the order of calculation and payment of tax liability, the procedure for VAT refund and others.
VAT refunds to corporations
Governed by the Law on value added (VAT). Lawyer Ilonka Kovacheva has extensive experience and legal practice in solving problems connected to a number of issues and cases under the law on protection of competition.
Lawyer Ilonka Kovacheva provides the service of VAT registration for her clients. Any taxpayer with taxable turnover 50,000 leva or more for a period not longer than 12 consecutive months before the current month is subject to VAT registration. The taxpayer must, within 14 days of the expiry of the tax period in which the turnover is reached, apply for registration under this Act. VAT registration may be optional. Lawyer Ilonka Kovacheva will advise you on all matters in connection to the Law on Value Added Tax (VAT).
Tax credit is amount of tax which a registered person is entitled to deduct from their tax obligations hereunder. Person exercises her/his right of deduction when one has fulfilled the following conditions:
1. has a tax document, prepared in accordance with Art. 114 and 115, the tax is shown separately - for the supply of goods or services to which the person is a beneficiary;
2. (Amended - SG. 108 of 2006, effective 01.01.2007) issued a protocol under Art. 117 or Art. 163b para. 2 and has complied with the requirements of Art. 86 - where tax is payable by the person as a payer under chapter eight, in the cases. 161 or 163a, when the recipient is a taxable person, the recipient must have a tax document drawn up in accordance with Art. 114 and 115, giving the appropriate basis for charging tax;
3. (Amended - SG. 94 of 2010, in force from 01.01.2011) holds customs import document in which the person is listed as the importer and the tax is paid in accordance with Art. 90, para. 1 - in the case of imports under Art. 16;
4. (Amended - SG. 94 of 2010, in force from 01.01.2011) holds customs import document in which the person has been identified as an importer; has issued a protocol under Art. 117 and complied with the requirements of Art. 86 - in the cases. 57;
5. with a document that meets the requirements of Art. 114, has issued a protocol under Art. 117 and complied with the requirements of Art. 86 - in the case of intra-community acquisitions;
6. holds a document of art. 131, para. 1, item 2;
7. has the documents specified in the regulations implementing the law - in cases of succession of art. 10.
Corporations make both taxable and exempt transactions and transactions subject to partial tax credit. Often it is not easy to determine to which category a transaction falls, thus having to resort to the services of a lawyer. If you have a problem with determining the type of a transaction or tax advice, Lawyer Ilonka Kovacheva would love to help you. Contact us in case you need a tax lawyer.
VAT registered person is entitled to deduct as a tax credit VAT for purchases before the date of registration. These are assets acquired before the date of registration for VAT if they are available at the time of registration and the general requirements for use of the tax credit are met. VAT-registered person is also entitled to deduct the tax credit for limited services in connection with its registration as a legal entity obtained before the date of registration under the law for VAT if certain conditions are met and an inventory of received services is submitted not later than seven days from the date of registration.
Registered in the Republic of Bulgaria companies are entitled to tax refund from all European countries, Canada, Iceland, Macedonia, Norway, South Korea, Switzerland. Exceptions are America and Russia, as Bulgaria has no reciprocal agreement with these countries. Thus you will save a lot of money from trips abroad for the use of services for which VAT is levied in the country.
Do not hesitate to contact Lawyer Ilonka Kovacheva for any questions and case on VAT refund.
Contact us to learn more!
VAT refunds to individuals
If your permanent residence is outside the European Union you are entitled to a tax credit for purchases of goods and services in Bulgaria. Contact us to learn more!
Learn more about the services provided by Lawyer Ilonka Kovacheva:
Tel.: +359(0)887 989 790