Bulgaria is set to adopt the accounting Standard Audit File for Tax (SAF-T) in phases, with the rollout expected to begin in 2025. The implementation will be conducted over five years, starting with large taxpayers who will be required to file reports in SAF-T format within 6-24 months. This will be followed by medium-sized businesses, small businesses, and micro-enterprises. Under the SAF-T system, businesses will need to submit monthly reports detailing information from the general ledger, as well as records of purchases, sales, and payments.
SAF-T Accounting in Bulgaria
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Bulgaria
Author: Nikolina Basic
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Fiscal subject related
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Content accuracy validation date:
19.09.2024
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The specific implementation deadlines are still pending confirmation, but here are the implementation phases:
- Pilot Testing (0–6 Months): The rollout will commence with a pilot phase, where large taxpayers may voluntarily submit data using the SAF-T format to test the system and provide feedback.
- Mandatory Reporting for Large Taxpayers (6-24 Months): Following the pilot, large businesses will be required to file reports in SAF-T format. Full compliance from all large taxpayers will be expected by the end of the 24-month period.
- Inclusion of Medium-Sized Businesses (24-36 Months): Medium-sized enterprises will be incorporated into the SAF-T system, with mandatory reporting requirements taking effect by the 36-month mark.
- Expansion to Small Businesses (36-48 Months): Small businesses will be brought into the system, and compliance will be required by the end of the 48-month period.
- Micro-Enterprises (48-60 Months): The final phase will extend SAF-T reporting requirements to micro-enterprises registered for VAT. Compliance is expected 60 weeks after adoption.
Also, a grace period is foreseen in the project. Taxpayers who must start complying with monthly reporting in each phase are granted a 6-month grace period. This new obligation for Bulgarian entities is in accordance with the trend present in Europe in the terms of introducing or updating the VAT reporting system. Developed by the OECD, SAF-T is a standardized data format designed to streamline the exchange of tax information between businesses and tax authorities.
Businesses under SAF-T will need to submit:
- Monthly Reports: Details from the general ledger, along with records of purchases, sales, and payments.
- Annual Reports: Information about assets.
- On-Demand Reports: Data on the movement of goods as requested by the tax authorities.
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