December 5, 2017

ACCOUNTING

ANNUAL RETURN, ACCOUNTING AND AUDITING, FINANCIAL STATEMENT

Annual Return:
Tax Return together with Financial Statements are submitted to the Inland Revenue.

 

Accounts Required:
Accounts are prepared and filed by a licensed accountant for each Annual Statement.

 

Audit Required:
When a company possesses assets above 1,5 million leva or has incurred income from sales for over 2,5 million leva per year, or has an average of 50 working staff yearly, an obligatory audit is required.

 

Financial Statement to the Inland Reveune:
Art. 53-55 of the Commercial Act requires all persons and entities who perform commercial activities to maintain accurate records and keep them for at least five years. The duly kept records are considered
admissible evidence in Court.

 

Financial Statement to the Company Registry:
Required every year.