Faster return of VAT for companies registered under the VAT act in Bulgaria
Last update: 2009-12-21 08:17:35
The Bulgarian deputies voted the amendments of Value Added Tax Act on second reading which stipulate that the value added tax (VAT) of companies who are active in Bulgaria and are registered as per the act will be returned sooner than before.
The procedures for check-up and revision which at present are too slow will be shortened as well. Until now the VAT Act foresaw 45 days for check-up and three months for revision of a company's accounting. After the amendments enter into force the time limit for the check-up will be 30 days and for the revision - 2 months. That mean the longest time in which the VAT can be detained from the Tax administration is three months.