The article is about taxes in Bulgaria and everything we need to know about them. Bulgarian income tax is only 10%. It is the lowest in Europe. However, in 2016 in Bourgas property taxes are increased. The owners of houses and apartments will have to pay 1.75%.
Burgas – a paradise for investments
Burgas is a major city in the South-East Bulgaria, which is more than 10 years popular with its foreign investors. The taxes and fees for commercial real estate has increased but with a small amount – nearly 8 euro. However, the dynamic city and its surroundings still attract buyers from around the world, most of which from Russia and United Kingdom. Because it is major center of transport and oil refining, heavy industry, textile and food industries, the city opens opportunities for different types of businesses, including tourism.
Purchasing property in Burgas, tourism and the cost of living are in cheaper than the other countries in European Union. This is the main reason why large investments are made from foreign companies and citizens. Business properties, houses and apartments can be bought from everybody – as a physical person or as a company. According the Bulgarian law land can be bought only by companies, registered in the local tax authorities. Registering a company in Bulgaria is an easy process. If you are not in the country, you can do this with power of attorney. The advantages of starting a business in Bulgaria are numerous – purchasing land for agriculture use, property leasing, purchasing good with deferred payment plans and others
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Company taxes in Bulgaria
Corporate income tax, which equates to associations of legal entities not corporate format requires no corporate profit organizations to pay the tax – 10%.
Foreign legal companies are paying taxes only for those activities that implements in Bulgaria. Opposite the local businesses pay taxes for their entire income, regardless of the territory of the implementation activities. VAT tax in Bulgaria (goods and services) is 20%.
Individual taxes
Taxes in Bulgaria for renting property by foreign individuals are 10%.
In 2016 the waste disposal tax was decreased from 7.9 to 6.9%. The final amount of tax depends on the type of property and the number of waste containers. The payment document comes to the property owner in January and is due to be paid together with the apartment or house tax.
Individual income tax is 10% of income. Both foreign individuals who live in Bulgaria more than 180 days a year and local should pay taxes. Residents of the country pay taxes on any source of income , while foreigners – only from the sources listed on the Bulgarian territory.
Vehicle tax in Bulgaria calculates according the year of manufacture and its engine power. Vehicle which engine power is 110 kW, pay tax at 3 leva per unit 1 kW. Engines up to 37 kW are paying 0.70 lev per 1 kW. The resulting sum multiplies by a percentage, calculated depending on the model and year of manufacture of the cars (less than 5 years – up to 3%, more than 14 years – 1%).
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