BULGARIA
Bulgarian companies have the possibility to dismiss an employee for such reasons such as: The cut of a job as a consequence of a decline in the company's activity. Or the closure of the company; Or a disciplinary reason (an employee who does not respect the procedure in force in the ...
It is sometimes difficult for a Bulgarian company to open a bank account in Bulgaria (or even to simply maintain the existence of an account opened with a Bulgarian bank).This difficulty is particularly sensitive for newly created Bulgarian companies or for companies owned by partners or ...
Since 19 October 2009, the minimum share capital of a limited liability company ( OOD ) has decreased from 5000 BGN ( 2 500 EUR ) to 2 BGN (1 EUR). This change aims to encourage young entrepreneurs to become business leader and promote the creation of companies in Bulgaria. Bulgaria is one ...
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Bulgarian companies are charged 10% of their taxable profit as corporate tax. Bulgarian companies have to pay, throughout the year, tax advances on the estimated amount of profit for the current year. In this purpose, companies must state, between March 1 and April 15 of each year, the ...
Each year, Bulgarian companies are obliged to draw up an accounting balance sheet of their operations.
The labour contract must be in writing and specify the place and nature of the work, as well as the salary.In principle, contracts are indefinite, but under certain restrictive and legally binding conditions, the law provides for the possibility to enter into fixed-term contracts.The trial ...
A Bulgarian company must establish consolidated accounts especially when it is in one of the three following situations1: It controls more than half of the voting rights of another company; It has the right to appoint more than half of the managers or members of the supervisory body of the ...
Bulgarian accounting standards stipulate that assets must be listed to their acquisition value (historical cost) reduced if necessary, by depreciations, impairments and provisions. The sustainability criterion will determine whether an item is to be included in the company's expenses or ...
Bulgarian companies must prepare their annual financial statements (often referred to as balance sheet) on the basis of International Accounting Standards (IAS), or on the basis of Bulgarian Accounting Standards for Small and Medium Enterprises (SMEs). Bulgarian companies, which do not exceed ...
Expertise
Précis de droit comptable et aspects fiscaux
April 2023, publication of the new edition of the Précis de Droit Comptable, by Denis Colin, manager of the Fiduciaire LPG