April 30th is the deadline for submission of annual tax returns of individuals and sole traders. Taxable income could include non-labor incomes such as: rental, financial, interest incomes and others. Some of the tax benefits can be used only by submission of a declaration, although people have no other income apart from employment. An example is the mortgage’s interest paid by young families for the first principal 100 000 BGN of mortgage loan. This amount is deductible from the taxable income.
Important! All given or received loans in the current year worth more than 10 thousand BGN, and residues or received loans from previous years, if their sum exceeds 40 thousand BGN are subject of declaration in the Annual Tax Declaration. Failure to declare these circumstances is punished with a fine in the amount of BGN 500 to 1000.
Taxpayers will be able to benefit 5% discount of due tax if they submit their declaration electronically till 31st March and pay taxes in by April 30th 2015.
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