Sunnyvale, CA -- (SBWire) -- 02/29/2012 --The Bulgarian Ministry of Finance announced new amendments to the application of VAT laws which includes compulsory deregistration of certain foreign entities for VAT. The amendments came into effect on February 21, 2012 and include the following changes:
Deregistration for VAT, of entities and branches of foreign entities has been made compulsory for companies that have not re-registered their entities with the Commercial Register by close of calendar year 2011.
Proposed amendments to descriptions of "permanent address" and "usual residence" for determining the individual service receiver’s place of supply have been deleted.
The special VAT scheme for tourist services mandates tour operators to obtain a declaration from their clients which should state that the service received will not be used for further supplies specifically when the client is a taxable person.
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Bulgaria Amends VAT Application Rules