Tax Management and Accounting Services (TMAS)
In the competitive and ever-changing business environment in which you operate it is increasingly difficult to achieve a leading market position. Building and maintaining such a position often requires the focus of all your Company’s resources on the core commercial activities of the business. In response to these challenges, we offer our clients the possibility of outsourcing certain business processes, such as accounting, payroll, tax compliance, or other administrative compliance functions, to be handled by our experienced specialists.
PwC in Bulgaria has established a Tax Management and Accounting Services (“TMAS”) team to provide a comprehensive range of services covering all or a part of your Company’s accounting and tax functions by trained and experienced professionals.
Our clients benefit from long-term cooperation and the provision of high-quality services, stable operation of outsourced processes and flexibility in reacting to the changing needs of your business.
- Maintaining accounting books in accordance with the requirements set out by the Bulgarian Accounting Act, International Financial Reporting Standards, National Reporting Standards for Medium and Small-sized Enterprises or Group accounting policies;
- Developing a chart of accounts for statutory reporting and tax purposes;
- Preparing monthly or annual balance sheet, P&L and other applicable financial statements;
- Preparing monthly or annual reports for group reporting purposes;
- Drawing up reports for the National Statistical Institute;
- Drawing up reports for the Bulgarian National Bank;
- Services relating to the closing of the financial year (preparation of the annual financial statements).
- Calculation of monthly net remuneration, personal income tax amounts and social security contributions and preparing the monthly payroll documentation for statutory and in-house management purposes;
- Drawing up monthly tax, social and health security declarations;
- Preparing annual settlements;
- Assisting in making tax and Social Security contribution payments at relevant tax offices and Social Security branches;
- Defining the tax / Social Security status of an employee in Bulgaria;
- Advising in the field of taxpayer duties, filing obligations and dates;
- Preparation of pension certificates
- Preparation of all bank documents related to the payments of the salary.
- Maintaining purchase and sales records in accordance with the VAT Act;
- Drawing up monthly VAT returns;
- Submitting VAT returns to the tax office by the relevant due dates;
- Completing quarterly summary VAT statements in respect of intra-Community transactions (EC listings);
- Completing monthly Intrastat declarations;
- Completing monthly VIES declarations;
- Tax advice regarding the treatment of selected transactions within the VAT law;
- Tax payment advice and assistance in the refund procedures of excess input tax over output tax;
- Periodic reviews of VAT calculations.
Corporate Income Tax
- Preparing monthly and annual CIT calculation and CIT returns;
- Submitting CIT returns to the tax office;
- Preparing supporting schedules substantiating differences between the financial statements and the CIT returns;
- Preparing deferred tax calculations and performing deferred tax reviews;
- Tax advice regarding the treatment of selected transactions within the CIT law;
- Tax payment advice and assistance in the tax refund procedures;
- Periodic (monthly, quarterly or annual) CIT reviews;
- Identifying tax planning opportunities with a view to potential tax savings.
Corporate administration services
- Supporting start-up businesses in fulfilling the regulatory requirements and preparing the Company’s reporting system for effective day-to-day perations;
- Registrations of the Company for tax, statistical, other regulatory purposes;
- Preparation of templates for compulsory documents and disclosure requirements;
- Other Company secretarial and legal services.
- A fully integrated and comprehensive finance and administrative service in Bulgaria, Europe and across the globe;
- Full compliance with local statutory requirements;
- Quality services tailored to the Company’s needs;
- Confidentiality and protection of the Company's sensitive business data;
- A scalable solution to better control the costs of the finance and administrative functions;
- Minimizing the risk of multinational companies’ non-compliance in Bulgaria;
- Providing you with a single point of contact to help you keep on top of your compliance obligations;
- A dedicated team of experienced professionals focused exclusively on accounting, payroll, tax compliance and corporate administrative services in Bulgaria;
- Outsourced compliance services provided to a range of clients from different sectors;
- Supported by the PwC global network and by over 190 assurance, advisory and tax professionals in Bulgaria.