New legislation in Bulgaria implements the requirements of EU Directive 2013/34 and, among other measures, introduces new mandatory reporting obligations of certain entities (typically, large enterprises).
The new requirements mandate that the identified entities complete reports listing payments they made to governments; prepare a corporate governance declaration; and file a declaration of non-financial information that provides certain information about diversity in employees, environmental impact statements and other information.
Under the new reporting rules, “large enterprises” and all public interest entities that are active in the extractive industry or involved in logging of primary forests must report the payments they made to governments.
An annual report on payments to governments is not prepared when there is a one-time payment or a series of related payments that total not more than BGN 195,600 (approximately U.S. $113,000) during one reporting period.
Read an April 2016 report prepared by the KPMG member firm in Bulgaria: New mandatory reports for certain entities
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.