Who is required to submit a declaration of income under Art. 50 of the Income Taxes On Natural Persons Act?
Who submits an income declaration?
1. Any resident natural person who during the preceding year was:
- received income subject to tax on the total annual tax base or tax on the annual tax base for income from business as a sole trader;
- wants to benefit from tax relief;
- the person who paid the patent tax;
- has given or received a loan from other citizens or companies totaling more than BGN 10,000 or has outstanding residues amounts in excess of BGN 40,000 from loans granted or received during the year or during the previous five years;
- holds shares and interests in companies and real estate abroad;
- has earned income from a source abroad subject to a final tax.
2. Any foreign natural person who in the previous year received income subject to tax on the total annual tax base from a source in Bulgaria.
No Annual Tax Return:
- for income subject to a final tax, such as income from interest on deposits from Bulgaria (exceptionally for certain income from abroad, which is subject to final tax, the declaration must be filed);
- if only received earnings from employment contracts;
- for non-taxable income.
What is the deadline for submitting the declaration?
Until 30 April of the year following the year in which the income was received.
Discount from tax
Individuals submitting the annual tax return electronically may benefit from a 5% deduction tax on the annual tax return if they simultaneously meet the following conditions:
- filed an annual tax return electronically by 31 March of the following year;
- at the time of filing the declaration there are no publicly enforceable obligations; and
- the tax for supplementing the annual tax return has been paid within the statutory period, namely until 30 April of the following year.
Source: National Revenue Agency