5 April 2015
Further to our January 2015 edition of the FiscalPress Newsletter, we have included a reminder this month in respect of the change in the settlement of Bulgarian IPT; namely from a monthly to a quarterly basis. This will take effect from 1 January 2015 and the first settlement to be affected is the Q1 payment in April 2015.
The IPT return will continue to be submitted on a quarterly basis, however, due to the change in settling payments, the National Revenue Agency (NRA) in Bulgaria has created a new IPT return. The return displays much of the same information as the previous version, but the key change is within the section detailing ‘Declaring of the tax base and the tax due’. This was split into three sections to display the premium and IPT amounts for the three separate months. Now the payment is submitted on a quarterly basis, the return has been changed to mirror this displaying just one box for the premium and IPT amounts for the relevant quarter.
The new process will not affect the way in which FiscalReps reviews our client’s data. FiscalReps will carry out a high level review and confirm the data and payment due in respect of Bulgaria either on a monthly or quarterly basis dependent on our client’s preference.