Dead line for the last monthly or quarterly advance payments of corporate income tax is 15 December 2015. At the same time, this is the last period in which companies have the opportunity to adjust the declared advance prepayments in 2015 not to over remit unnecessary tax or not to pay interest to the NRA for underestimated contributions.
Corporations are responsible for calculating and remitting their own instalment payments. Аn interest will be charged if the estimated advance tax instalments are lower with more than 20% to the year’s actual tax or the instalments are not paid in time. But in the same time a special declaration under Article 88 of CITA is providing an opportunity for companies to adjust the initially estimated tax. The corrective declaration should be submitted not later than December 15th of the current year. Particularly this means that advanced tax instalments could be calculated and submitted as “0” installment through the year and then at 15 December adjust forecast to a amount close to the expected real year tax. In this case interests for previous months are not due.
Generally, corporations have to pay their taxes in monthly or quarterly instalment payments depending on incomes earned in the previous fiscal year. No advance tax is payable if the total income is less than 300 000 BGN.
Any remaining unpaid tax is payable on or before the balance-due day (31 March 2015).