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 (PDF 50 KB) prepared by the KPMG member firm in Bulgaria: New mandatory reports for certain entities
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