- Control of movement of high fiscal risk goods
Following our Law-now sent on 9 January 2014, the Minister of Finance has now specified the goods with “high fiscal risk” in relation to the implementation of Article 127a, paragraph 7, of the Tax and Social Security Proceedings Code. These include particular types of meat, milk products, vegetables, fruit, flour, sugar, and both sunflower and safflower oil.
In addition, the Minister of Finance has published a draft of the Ordinance on the Fiscal Control of Goods with High Fiscal Risk, which sets out, in detail, the control implementation procedure. Further details will follow as soon as the Ordinance is published in the State Gazette.
- Tax relief for individuals with minimum income
From 1 January 2014, a new and optional personal income tax relief has been introduced for individuals who meet the qualifying conditions:
- receipt of income in the previous year under a labour agreement only; and
- that income does not exceed the 12 months’ minimum salary (from 1 January 2014, BGN 340 as per Decree 249 of the Ministry of Councils, State Gazette 97/2013).
The additional salary for service and professional experience (0.6%) is not included in the minimum salary calculation and will not be subject to tax relief.
Individuals may benefit from the relief if they submit an annual tax return by 30 April of the year following the year of receipt of the income, setting out their fulfillment of these conditions.
Law: 1. Order No ЗМФ-4 dated 02.01.2014; 2. Personal Income Tax Act and §8 of the Final Provisions to the 2014 State Budget Act, State Gazette 109/2013.