Bulgaria: Individual income tax law changes | KPMG | GLOBAL
Share with your friends

Bulgaria: Individual income tax law changes; financial audit update

Bulgaria: Individual income tax law changes

Tax changes affecting individual (personal) taxpayers in Bulgaria enacted towards the end of 2016 concern the tax treatment of:


Related content

  • Monetary and non-monetary prizes from gambling and games of chance
  • Income received on the sale of property contributed in-kind to an entity
  • Existing allowances with regards to electronic payments of tax and changes to the filing of the annual income tax return
  • Foreign source income and the requirement for advance taxation on a quarterly basis
  • Self-employed individuals and the minimum insurable income threshold and other social contribution-related amendments


Read a December 2016 report [PDF 159 KB] prepared by the KPMG member firm in Bulgaria

Financial audit, commercial law updates

  • New rules concerning financial audits were effective 3 December 2016, and there are significant changes in relation to the obligations of the audit committees and the audit of public interest entities. Read a December 2016 report [PDF 2.47 MB] prepared by the KPMG member firm in Bulgaria
  • Legislation that amends Bulgaria’s commercial law has been enacted. Among the changes are stricter validity form requirements for certain documents (e.g., agreements for the transfer of a commercial enterprise, and for the transfer of shares), changes to the rules for insolvency proceedings, and the introduction of “stabilization proceedings” that apply to traders who are not insolvent but are in imminent danger of insolvency. Read a January 2017 report [PDF 128 KB] prepared by the KPMG member firm in Bulgaria

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.

Connect with us


Request for proposal