Century Homes Bulgaria highly recommend using well experienced accountants, who will not only prepare all necessary papers, but they will also provide useful advice on how to cut your fees and taxes. Quality tax advice demands qualified, experienced people with appropriate industry knowledge. Our people have these qualifications.

Our tax advisers work hard to help our clients increase their bottom line. We do this by delivering a full range of tax services that help minimize the effect of the many taxes our clients face. In addition, to give our clients peace of mind, we help them comply with local tax regulations. When disputes arise with the tax authorities, we are there to help deal effectively with these authorities.

PROPERTY TAXES

Amount of taxes and fees varies from the place where the property is located in Bulgaria. For the properties owners there are 2 kinds of tax - property tax (is paid annually based on 0.15% of the property value - the valuation is made from tax department and is different from market price) and annual fee for garbage transportation (it is calculated based on value of the property and depends of place and municipality - vary from 1.6 to 5 per 1000). Contact us.

COMPANY ACCOUNTANCY

END TERM - 31.03.2006

Our accountants can provide full accountancy and administrative servicing of your company representing you in front of the Territory Tax Administration through the service

According to the Bulgarian legislation, all foreign investors who have bought properties in our country as legal entities can be provided with accountancy and administrative services for the limited companies registered by them, so that they observe strictly all laws of Republic of Bulgaria.

The Bulgarian laws do not allow foreign investors to own a real estate on the territory of our country as physical persons. But this is not related to legal entities with foreign participation. For this reason, most investors set up a limited company in order to be able to purchase a property in Bulgaria. To own a company in our country is a difficult and responsible procedure. It is not only difficult - as you have to be very well familiar with the active legal system in Bulgaria, but also complicated - because you must closely observe the regulations of our accountancy and tax policy. The sanctions, imposed as a result of their non-compliance or delay are grand and strict, and they always involve tax inspection of your company, no matter if it is be opened with the sole purpose of purchasing a property or not, no matter if it performs any activity or not.

According to our Accountancy legislation, all registered companies must present their annual accounts, preparing an annual tax report and together with the annual tax return, these all must be submitted in the local Tax Office not later than 31-th March of each year. In case of non-submission, or presentation of a document with untrue contents or false data, a fine is imposed, which starts from 2000 BGL on (approximate 1000EUR).

If the overall accountancy of your company has not been well kept or the deadlines have not been complied with, your company will have to pay serious penalties, in accordance with all the strictness of the Bulgarian laws, and a tax inspection is also to be expected. Your company is considered as performing a kind of activity if you make any kind of improvements on your property, related to partial or full renovation or reconstruction. Furthermore, your company is considered a functioning one, if it rents the property out and receives rental income. This includes receiving or issuing invoices, receipts, warrants, bank documents, paying the local fees and taxes, as well as using the services of a qualified accountant.

In order to be permanently informed about your company financial status, our financial experts keep constant contacts with you in fluent English or by e-mail (or in other ways preferred by you). If your company performs some activity (for example if you manage the property or rent it out), your accountant prepares all kinds of papers, issued or received by your company or in its name, prepares and presents to you a monthly income-and-expenditure report, represents you as a legal person in front of a number of state and public institutions, and also pays the due taxes, fees and insurance installments.

If you decide to use our services of full accountancy and administrative management of your company, as we represent you in front of all institutions in our country, you have to provide us with the original papers of your company.

For companies, registered with the sole purpose of purchasing a property or those which do not perform any activity, we charge 250 EUR per year, which covers the annual tax report, and the annual tax return preparation, submission in the local Tax Office and keeping your company files in our office. If your company is an active one, the tax is to be paid each month and it is a subject of further negotiation, depending on the services required. Contact us