Financial and business news from Bulgaria

NRA discusses with business new rules for fiscal accountability in e-commerce

An entirely new model of fiscal reporting in e-commerce will be proposed by the end of January 2021, it became clear at a roundtable organized by the National Revenue Agency.
A working group with the participation of business and tax experts will propose a form of so-called software fiscal for e-commerce, the NRA press center said.

If the liberalised regime leads to better compliance with tax and social security requirements and reduction of damage to the budget, its application can be extended to other sectors. This was suggested by the Executive Director of the National Revenue Agency Galya Dimitrova during the round table on “E-commerce in Bulgaria — perspectives and opportunities. Fiscal and Consumer Aspects” in which employers' and branch organizations, CPC, popular online marketplaces, ad platforms and consumer organizations participated.

At the forum the NRA presented the dynamics of tax risks facing e-commerce as well as the existing methods of control. BGN 25 million of income from online business mainly of individuals were declared in the last few months after the NRA campaign to monitor the imposed payments through courier companies. According to the experts of the NRA, the approach of promotion and informing works no less successfully than the control mechanisms, as the campaign for notifying individuals receiving amounts of imposed payment has been very successful. The business and the revenue agency will conduct an information campaign on the tax requirements for trading on the Internet in early 2021, it became clear at the roundtable.

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