site.btaParliament Passes Revisions to Accountancy Act

Parliament Passes Revisions to Accountancy Act
Parliament Passes Revisions to Accountancy Act
Parliament in session, Sofia, Dec. 7, 2023 (BTA Photo)

The National Assembly Thursday adopted conclusively amendments to the Accountancy Act whereby a parent company with consolidated revenues exceeding BGN 1,500,000,000 in the last two accounting periods each, has to prepare and publish a declaration with information about the income/corporate tax for the second period. The same applies to an independent enterprise the incomes of which exceed this sum in the last two accounting periods each, based on an individual annual financial report.

Nine provisions are not applicable when the independent enterprises and parent companies, or the enterprises linked to them, are obliged to publish information under the Credit Institutions Act or the Markets in Financial Instruments Act. 

Mid- and large-size daugther companies controlled by a parent company that is regulated by the legislation of a third country, publish their declaration with information provided by the parent company when their consolidated revenues exceed BGN 1,500,000,000 for each of the last two accounting periods; the declaration is for the second period. If the parent company fails to provide the necessary information, the daughter companies publish a declaration with the information they have, specifying that the necessary data has not been provided by the parent company.

The branches of enterprises regulated by the legislation of third countries have to publish a declaration about their income/corporate tax for the second of two consecutive accounting periods where the net sales revenues exceed BGN 16,000,000 for each of the two periods. The enterprise that has opened the branch should be linked to a group without mid- and/or large-size daughter companies, its parent company should be regulated by the law of a third country, and the group's consolidated revenues should exceed BGN 1.5 billion for each of the last two accounting periods.

The head of a company that fails to comply with there requirements faces a fine of BGN 5,000 to 15,000 instead of the current BGN 500 to 5,000. The enterprises are subject to a property sanctions of BGN 10,000 to 20,000 instead of the current BGN 2,000 to 10,000.

/MR/

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By 16:21 on 29.02.2024 Today`s news

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