The term for re-registration of non-profit legal persons is prolonged with 2 years

Non-profit legal persons entered in the register of non-profit legal persons to district courts are obliged to submit an application for re-registration until 31 December 2022. In this way the term for re-registration is prolonged with 2 years. Continue reading “The term for re-registration of non-profit legal persons is prolonged with 2 years”

Cross-border supplies of goods between the EU and the United Kingdom and VAT refunds from 01.01.2021

As of the end of the transition period (31 December 2020), the EU rules in the field of VAT, and in particular Council Directive 2006/112/EC of 28 November 2006 on the common system of value added tax and Council Directive 2008/9/EC of 12 February 2008 laying down detailed rules for the refund of value added tax, provided for in Directive 2006/112/EC, to taxable persons not established in the Member State of refund but established in another Member State, no longer apply to and in the United Kingdom. This has in particular the following consequences concerning the treatment of taxable transactions of goods and VAT refunds:

I. VAT RULES FOR CROSS-BORDER SUPPLIES OF GOODS

Continue reading “Cross-border supplies of goods between the EU and the United Kingdom and VAT refunds from 01.01.2021”

Responsibility of the providers of intermediation online services and providers of online search engines

In the Electronic Marketing Act there are accepted amendments, which have as purpose to ensure the implementation of Regulation (EU) 2019 / 1150 of the European Parliament and of the Council of 20 June 2019 on promoting fairness and transparency for business users of online intermediation services.

The ratified in 2019 Regulation (EU) 2019 / 1150 is aimed at preventing potentially harmful practices and bad-faith marketing behaviour within the relations between online platforms and business users of intermediation services, which these platforms provide. The Regulation also aims to warrant a predictable, stable and reliable online business environment within the EU’s Unified Market and to provide transparency and trust within the relations between the companies in the economy of online platforms. Continue reading “Responsibility of the providers of intermediation online services and providers of online search engines”

Why accounting outsourcing is appropriate for small, medium and large enterprises?

Accounting outsourcing for large enterprises
The Bulgarian legislation considers for large enterprises, enterprises that as of December 31 of the current calendar year exceed at least two of the following indicators: book value of assets – BGN 38,000,000; net sales revenues – BGN 76,000,000; average number of staff for the reporting period – 250 people. They often have own accounting department. In turn, it may consist of different units in depending on the size, divisions and activities of the company: commodity unit, financial and accounting, payments to staff, stocks, capital assets, tax and excise unit, etc. Continue reading “Why accounting outsourcing is appropriate for small, medium and large enterprises?”

Who are self-employed individuals?

Self-employed individuals are those who perform employment activities such as:
– persons registered as practicing a free profession and / or craft activity;
– persons practicing labor activity as sole traders, owners or partners in commercial companies;
– natural persons – members of impersonal companies;
– natural persons – traders within the meaning of the Commercial Law, but not registered as sole traders;
– registered farmers and tobacco growers. Continue reading “Who are self-employed individuals?”

Some advantages of outsourced accounting

When an individual starts a business and wants to be in the light of his activity, he must do everything possible to have accountants who handle correctly and professionally the financial and accounting issues of his/her company.

Each company has two options for keeping its accounts in order: a special department to deal with declarations, insurance, taxes and others, or hiring a company for outsourced accounting. The second option is often far more appropriate. Continue reading “Some advantages of outsourced accounting”

Taxation through the Amazon platform

We will look at the specifics of taxation when declaring services provided through a platform such as Amazon under the VAT Act. Imagine that we have a Bulgarian company that operates online trading through a platform such as Amazon and other similar online trading platforms.

The current trend for such cooperation is to take place through the so-called “dropshipping” model. The dropshipping business is a way to trade in goods that have not been purchased in advance by the manufacturer. The dropshipping trader advertises the product and when it is sold online, the trader buys it from the manufacturer and sends it to the customer. Continue reading “Taxation through the Amazon platform”

Why should you choose dropshipping via АMAZON.COM?

Amazon is one of the largest online retailers in the world. Jeff Bezos’ company operates worldwide and supplies mostly electronics, but also books and other goods. In addition, Amazon.com is a monopolist in online commerce in the United States. America is the largest and most solvent consumer of goods and services in the world and that is why it is so important for traders to sell on the US market. Amazon.com is the most visited site in America with a potential market of 328 million people.

If you are a Bulgarian manufacturer you will have the opportunity to expand your production, reach new markets and sell at a much higher mark-up if you decide to use Amazon. Continue reading “Why should you choose dropshipping via АMAZON.COM?”

Online commerce in Bulgaria

Cash on delivery made a real revolution in online commerce in Bulgaria. Customers may shop without worrying that someone may steal their debit and credit card information.

Shopping online is easy, fast and convenient. At a click away, we may obtain clothes, accessories, technique, electric appliances. Continue reading “Online commerce in Bulgaria”

Amazon FBA and taxation

Amazon FBA, or Fulfillment by Amazon, is a business model that might seem attractive. Basically, if you decide to sell a certain product through Amazon, the deal is that you send your product to Amazon for storage and distribution, properly packaged. From then on it is your job to promote your business and find new clients, while Amazon does the practical things like handling orders and sending the products. There are, of course, fees for this service, as well as fees for storage.

But you should bear in mind that going into this line of business may bring some purely bureaucratic setback to you.  There are Amazon’s strict rules to consider, there are sales tax and VAT regulations in different EU and non-EU countries, and there is personal responsibility for faulty or dangerous products. Continue reading “Amazon FBA and taxation”