What Happens If You Miss a Filing Deadline?
In Bulgaria, deadlines for tax returns and financial reporting are strict. They apply equally to companies and individuals. Missing even one can quickly lead to fines, daily interest, and unwanted attention from the National Revenue Agency (NRA) ⚠️.
Deadlines Are Legally Binding
Bulgarian law leaves little room for flexibility. Once a deadline is missed, penalties apply automatically. The main obligations include:
- Corporate and personal tax returns
- Monthly VAT declarations
- Annual financial statements
- Social security and health insurance contributions
Even a short delay can trigger sanctions 💸.
Fines for Late Filing
The most common penalties are summarized below:
| Obligation | Fine (BGN) |
|---|---|
| Late tax returns | 500 – 2,000 (companies) 50 – 500 (individuals) |
| Late VAT declarations | From 500, increasing with repeated delays |
| Late annual reports | 200 – 3,000 (companies) |
These fines apply per missed obligation. Several delays in the same year can add up quickly.
Interest on Late Payments
If taxes or contributions are not paid on time, the NRA applies daily interest until the amount is fully paid. For example, a company owing BGN 10,000 in corporate tax may face hundreds of leva in extra costs if payment is delayed by a month.
More Than Just Money
Late filing does not only mean fines. It can also result in:
- Frequent audits and inspections 🔍
- Restrictions when applying for loans or tenders
- Reputation damage that makes business harder
How to Stay on Track
To protect your business, it is best to stay ahead of deadlines. Useful tips include:
- Set calendar reminders 📅
- Follow changes in Bulgarian tax legislation
- Prepare documents in advance
- Work with an accountant for complex reporting
T&G Consulting – Your Compliance Partner
T&G Consulting helps both local businesses and expats in Bulgaria stay compliant. We provide:
- On-time filing of all declarations and reports
- Updates on changes in legislation
- Personalized support for companies and individuals
With our team, you save time, avoid penalties, and focus on growth 🚀.
Conclusion
Missing filing deadlines in Bulgaria is costly and risky. With proper planning and support from T&G Consulting, you can avoid fines, interest, and audits. The choice is yours: stay compliant and build stability for your business.
For more information, visit our partners’ channel here!