Information on extended and amended tax and accounting deadlines

In this bulletin, we provide you with a chronological summary of the accounting and tax deadlines that have been amended in connection with the declared state of emergency. We hope you find the information useful!

The deadline is 15 April 2020 for:

Payment of the advance corporation tax based on projected profits for 2020. Here we have three assumptions that should be addressed.
- If an annual tax return for 2019 is filed by 24 March 2020 (the day §25 of the Emergency Measures and Actions Act comes into force) , advance payments shall be made declared..
- If the annual tax return for 2019 has been submitted by 15 April 2020, advance payments shall be made in accordance with the amount declared..
- If the annual tax return for 2019 has not yet been submitted by 15 April 2020, the advance contributions shall be declared by that date with the annual tax return, completing only that part of the annual tax return relating to the declaration of advance contributions for the current year. This return shall be filed by all persons who have not filed their 2019 annual tax return by 15 April 2020 and whose net sales for 2019 exceed £300,000, and, if the amount of the net receipts cannot be accurately determined at that date, the type of advance payments (monthly or quarterly) on the return shall be the type of advance payments made by the person in 2019. When those persons subsequently file their 2019 annual tax return by 30 June 2020, they shall not refile the part of the return relating to the declaration of advance payments for the current year.
- Adjustments to the amount of advance contributions may be made either before 15 April or afterwards, by means of a declaration under Article 88 of the Income Tax Act. The adjustments shall be availed of after filing the return.

* The need for these clarifications is due to the fact that the deadline for making the monthly advance payments for January, February, March and April as well as the quarterly advance payment is 15 April and the deadline for filing the annual tax return for 2019 is 30 June 2020.

The deadline is extended to 30 April 2020 for:

Payment of the advance contributions under the Commercial Tax Act for the first quarter, but for natural persons who carry out business activities as traders within the meaning of the Commercial Law, including sole traders, as well as farmers when they have chosen to be taxed as sole traders.

The deadline is extended until 31 May 2020 for:

5% discount on the tax payable on the annual income tax return of natural persons carrying out business activity as traders within the meaning of the Commercial Act, including sole traders, as well as farmers, when they have chosen to be taxed as sole traders. Important: The deadline for availing of the discount on the surtax payable by who are not sole tradersremains unchanged and will remain 31 March 2020.

The deadline is extended until 30 June 2020 for:

Submission of a corporate tax return under Article 92 of the Corporate Income Tax Act;
Payment of the corporate tax due under Article 93 of the Corporate Income Tax Act;
Declaring and paying the tax on expenses under the Income Tax Act;
Declaring and paying the income tax of budget enterprises;
Declaration and payment of the tax on income from auxiliary and ancillary
Declaration and payment of the tax on income from auxiliary and ancillary activities within the meaning of the Gambling Act;
Подаване на годишен отчет за дейността (ГОД);
Filing of the annual return for taxation of income of individuals carrying on business as traders within the meaning of the Commerce Act, including sole traders as well as farmers, where they have opted to be taxed as sole traders, and for payment of the tax payable by such persons on the return; The literal interpretation of the provision creates ambiguity as to whether self-employed persons as well as those working on a civil contract remain outside the relief. Important: The deadline for individuals who are not sole tradersto file an annual tax return and pay the tax remains unchanged - 30 April 2020
Receive a 5% discount on real estate and vehicle taxes due from individuals and businesses, provided the full year's tax is paid within that timeframe.
Publication of the annual financial statements, consolidated financial statements and annual reports in the Commercial Register and the Register of Non-Profit Companies under Chapter Seven of the Accountancy Act for 2019 for all companies that did not carry on business in 2019.

The deadline is extended until 30 September 2020 for: 30 септември 2020 г. for:

Publication of the annual financial statements, consolidated financial statements and annual reports in the Commercial Register and the Register of Non-Profit Entities under Chapter Seven of the Accounting Act for 2019 for all traders, including sole traders subject to mandatory financial audit and all non-profit legal entities re-registered in the Commercial Register by 31 May 2020, and other enterprises - through an economic publication or via the Internet.

Other important moments:

During the state of emergency, , no enforcement cases will be initiated by the public executors of the NRA, except in particularly important cases. The NRA advises clients to postpone visits to their offices and instead use the electronic services offered on their website..
Suspends enforcement under the Internal Revenue Code for the duration of the state of emergency. Interest will be charged for the period of the suspension. No public auctions or possession auctions will be held, but it is possible to carry out security for debts and distributions in enforcement proceedings. At the request of debtors, public bailiffs may execute claims and monies due from banks, claims from third parties, valuables deposited in vaults and the contents of safes.