Seminar with Deloitte - New Tax Regulations and Their Impact on Business (in partnership with Confindustria & BBBA)

Dear members,

The French - Bulgarian Chamber of Commerce and Industry, BBBA and Confindustria Bulgaria in cooperation with Deloitte Bulgaria are pleased to invite you to participate in a seminar on
"New Tax Regulations and Their Impact on Business. What do we have to know?" to be held on 26 September (Tuesday), 16:00 -18:00 h, Unicredit Bulbank International Center (8 Aksakov Str.).

During the event we will pay attention to upcoming changes stemming from the EU legislation which are expected to be adopted in all EU member states. We will focus on the following topics:

Introduction of Pillar II initiative in Bulgaria (in line with EU Directive 2022/2523)

In a continued effort to put an end to tax practices of multinational enterprises that allow them to shift profits to jurisdictions where they are subject to no or very low taxation, the OECD has developed a set of international tax rules to put a floor on competition over corporate income tax rates through the establishment of a global minimum level of taxation (15% for large multinational enterprise groups and large-scale domestic groups). The initiative will soon be introduced in the Bulgarian legislation and is expected to become effective as of 1 January 2024. Apart from the potential additional tax burden, new tax compliance obligations will arise for the affected entities. What are they and how will affect the business?

Shell Companies Directive (ATAD3)

In December 2021 the European Commission published a proposal for an Unshell Directive (or “ATAD 3”) intended to prevent the misuse of shell entities for tax purposes. It would target passive undertakings that are tax resident in an EU member state and that do not conduct economic activity because they presumably do not have minimum substance. If the substance test is not met, the undertaking would be presumed to be a “shell” and besides reporting obligations, there will be also other implications.

SAF-T introduction and VAT in the Digital Age

Aiming at automation of the VAT reporting in order to have a better overview on VAT revenues the Bulgarian government with the support of the EU Commission are planning to introduce new reporting obligations that businesses will need to adapt to in the next years.

One aspect of these developments is the potential introduction in Bulgaria of the requirement for businesses to prepare and submit a Standard Audit File for Tax (SAF-T).

Furthermore, the European Commission introduced the VAT in the Digital Age package which will provide for the mandatory implementation of e-invoicing within the EU as well as new digital reporting requirements which should be adopted by EU Member States in the next years.

Our speakers

Date and location:

26 September(Tuesday)

16:00 - 18:00

Unicredit Bulbank International Center, 8 Aksakov Str.

Working language: English

Participation fee:

The event is free of charge (seats are limited)

For registration: To register for the event, please click HERE.

Georgi Simeonov

Partner in Charge
Deloitte Tax

Alexander Cherinko

Partner
Deloitte Tax

The webinar is suitable for:

• CEOs
• CFOs
• Head of Finance
• Tax & Legal experts