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Legal Issues

Postby borovets » Mon 10 Jul 2006 19:07 GMT

Hi,

I intend to sell my Bulgarian property with the company. Can anyone tell me what coperation, capitail gaines taxes and VAT i will have to pay?
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borovets
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Postby Quest Bulgaria » Thu 13 Jul 2006 09:15 GMT

Hi Borovets

There is nothing called Capital Gains Tax in Bulgaria. If you own a property in BG as an individual and you are resident here, then any gain made is declared as part of your income and subject to personal income tax. Of course, if you are resident elsewhere you will also be subject to any additional taxation in your own country less any double taxation agreement relief. If you own a property in BG as a company, then the gain made is subect to Corporation Tax.

You will only be subject to VAT if you're company is VAT registered. This will depend upon the sale price of the property (and whether the property is land) as to whether you are required to register for VAT.

You'll also need to consider what happens if you are selling your company with the property.

You're best bet really is to talk to a qualified accountant. They will be able to properly advise you taking into full consideration your own personal circumstances. I think it would be well worth paying them for their time - after all a few pounds now could save you a fortune in the long run.

All the best
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