Dear Business Partner,
Leinonen Bulgaria would like to inform you regularly about some important practical issues in our field of business accounting and payroll in Bulgaria. We hope that you will find this information useful.
MOSS system for VAT declaring of electronic services, broadcasting, radio and TV services
The new system "mini-One-Stop-Shop" (MOSS) is already active in Bulgaria since 1st October 2014.
By using the MOSS system, the Bulgarian suppliers of broadcasting, radio and television services and electronic services can register under the special VAT regime, which enters into force from the beginning of 2015. As of January 1st, 2015 these services will be levied with VAT in the country in which the client is situated (Member State of Consumption). The suppliers can register under the special regime for declaring in the MOSS system and thus avoid the necessity to register for VAT in every single Member State, in which he supplies his services to final not-VAT registered customers.
Additional functionality in Commercial Register
Bulgarian commercial register has launched its internet page in English. You can make inquiries for information about companies registered in Bulgaria directly in English at web address:
The government is planning to increase social contributions for pensions and also the maximum threshold for payment of social contributions
The government is discussing to increase the maximum monthly base for calculating social security and health insurance contributions for year 2015. The government proposes several options, all of them above 3000 BGN (in comparison to 2400 BGN in 2014). There are also discussions about the increase in the percentage contributions for funds “Pensions” and “Unemployment”, each with 1%, which will be divided between the employer and employees. Final decision should be taken until December when is expected to be confirmed the State Budget for year 2015.
Bulgaria Is most preferred outsourcing destination In Europe
Bulgaria is among the most preferred outsourcing destinations in the world and the only European country in the top 10 list of most attractive countries for such activities, done by the analysis company A.T. Kearney. Bulgaria is at the ninth position among 51 countries in the world and climbs up eight positions in the list since 2011, when the previous survey was done. According to Stefan Bumov, chairperson of the Bulgarian Outsourcing Association, in 2013 the turnover of Bulgaria's outsourcing sector was BGN 1 Billion and has increased by 60% in the past four years. The sector hires 20 000 people and in the next few years their number is expected to increase four times.
Leinonen Group as one stop service provider
Leinonen Group is all about company formation, accounting and payroll services. We provide you with advice in all these fields. Having been in business for over 20 years we have extensive experience in helping foreign companies to establish and operate their subsidiaries in our market areas. Leinonen Group is an expanding international company with offices in 11 countries: In addition to Bulgaria, you can find us in Finland, Sweden, Norway Estonia, Latvia, Lithuania, Poland, Hungary, Russia and Ukraine. Our customers are mainly foreign –owned companies in all these countries.
We are looking forward to co-operating with you!