site.btaParliament Adopts on First Reading Reduction of Cash Payment Limit to 5,000 Lv

Sofia, November 8 (BTA) - The National Assembly Wednesday adopted first-reading amendments to the Value Added Tax Act, which reduce the limit of cash payments from 10,000 to 5,000 leva. These revisions also amend the Income Taxes on Natural Persons Act and a series of tax laws.

The amendments also scrap the 5 per cent discount on the payment of a remaining tax for natural persons submitting their annual tax declarations online. According to the Cabinet, this change will provide additional revenue for the national budget to the amount of some 1.2 million leva next year.

As of 2018, self-insured persons under the Social Insurance Code and enterprises will be able to submit their annual tax declarations only online, and they will have to do so by the end of February, instead of April 30 as the current law stipulates.