FiscalReps met with five officials of the Bulgarian Tax Authorities (NRA) in Sofia, Bulgaria on 18 June 2015.
With 52 out of 85 Freedom of Services insurers in Bulgaria using FiscalReps, the tax authorities are very keen to form a relationship with us. From our perspective we need to know we can rely on the NRA’s assistance in assuring compliance for all our clients. A meeting with the NRA presented an opportunity to build this relationship, and resolve any queries on either side.
The meeting was very productive; the NRA confirmed they were happy with the processes of FiscalReps. Most importantly, the FiscalReps Bulgarian rate table was shared with the authorities who agreed it during the meeting. Clients can now be confident the application of rates on premiums in Bulgaria is in accordance with the tax authority view.
Following the judgment of the Court of Justice of the European Union (CJEU) on 11 December 2014 in Case C-678/11, the General Court in Spain, Senado, has proposed new legislation, Proyecto de Ley de Ordenacion, supervision y solvencia de las entidades aseguradoras y reaseguradoras. The legislation includes important amendments including the removal of the obligation to appoint a tax representative by insurance companies domiciled in another Member State operating under Freedom of Services in Spain.
The legislation still has to be officially ratified, but the changes could come in to force on 1 January 2016.