The “quick fixes” will be introduced in Bulgaria as of 1 January 2020
The draft Bill for Amending and Supplementing the CIT Act provides for the introduction into national law of the so-called “quick fixes” package. These are a series of provisions, amending the European VAT legislation in order to harmonise some aspects of the VAT system in all EU Member States.
VAT to be charged on the sale of shares giving ownership over immovable property
A change has been proposed in the VAT treatment of the sale of shares in companies if they are related to ownership rights over immovable property. This has been introduced in the draft Bill for Amending and Supplementing the CIT Act.
New rules for the VAT treatment of goods in the continental shelf and exclusive economic zone
A draft Bill for Amending and Supplementing the CIT Act has been introduced for public debate. The draft bill proposes the introduction of explicit rules regarding the VAT treatment of supplies of goods intended for activities in the continental shelf and exclusive economic zone of the country.
The receipt of such goods in the continental shelf and the exclusive economic zone will be subject to VAT under the general rules, including when they are placed under re-export and export. VAT will be charged through the issuance of a protocol for self-assessment.