- Introduction of SAF-T: Bulgaria has proposed a draft law mandating the submission of the Standard Audit File for Tax (SAF-T), set to enhance tax transparency and combat fraud, with implementation starting in 2025 and a rollout beginning in 2026 for large businesses.
- Phased Rollout Timeline: The SAF-T will be implemented in phases: starting January 2026 for large businesses with high turnover, expanding to medium-sized businesses in 2027, and eventually encompassing all businesses by 2030, with specific reporting obligations outlined for monthly and annual submissions.
- Reporting Requirements and Compliance: Businesses must submit monthly reports, including general ledgers and invoices, by the 14th of the following month, and annual reports on fixed assets by June 30. A six-month grace period will be provided for initial submissions to help businesses transition without penalties, emphasizing the importance of robust accounting systems to comply with the new requirements.
Source Edicom
