New Tax Rules in Bulgaria: EU Directive Impacts Multinationals

Bulgaria's parliament advances changes to the Corporate Income Tax Act during its first reading, aligning with the European Directive aimed at ensuring minimum effective taxation for multinational corporations in the EU single market.

MPs have greenlit amendments enforcing the EU's taxation rules on large multinational and national enterprises operating in the EU market, introducing a 5% national additional tax. These changes are poised to affect companies with turnovers exceeding 750 million euros.

The directive extends its reach to foreign individuals, mandating tax payments based solely on income sourced within Bulgaria, in accordance with the Law on Taxation of Individuals. The second reading for further deliberations on these amendments is scheduled for November 27.

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