The term “document” under the terms of this serviceshould be understood as primary accounting documents, within the meaning of the Accounting Act, such as invoices, cash receipts, commodity and warehouse receipts, protocols under the VAT Act and others.
In Bulgaria, the preparation and publication of the Annual Financial Statement (GFO) are mandatory procedures regulated by the Accounting Act. This process is essential not only for the management and strategic planning of any company, but also for ensuring transparency and trust among investors, partners and regulators. In response to these demands, Elan Consultingpresents its integrated online service for “Preparation and publication of the GFO in 2024.”, covering all the key aspects and steps necessary for the effective management of this important administrative process.
According to The Accounting Act, any trader in the sense of Commercial Law (TC)is obliged to prepare GFO for the previous yearto 30 June, in addition, certain enterprises must publish their accounts in Commercial register until 30 September. The inclusion of this information in our service ensures that our customers will comply with the deadlines and procedures set by law.
Our service is specially designed to cover all traders registered under the TZ, including limited liability companies (Ltd., Ltd.), joint-stock companies (JSC), sole proprietors (ET), limited liability companies (KD)and collecting societies (SD), providing detailed guidance and support throughout the process of preparing and publishing the reports.
Also, we emphasize the special relieffor companies that did not carry on business during the reporting year, which are exempt from the obligation to publish their GFOs in The Commercial Register. We emphasize the importance of submitting declaration of lack of activitywithin the established time limit 30 June, thus allowing our clients to benefit from the statutory benefits provided without additional publication fees.
Elan Consultingis committed to providing its clients with not only specialized accounting and tax advice, but also comprehensive support in navigating the complex requirements of legislation. With our online service for preparing and publishing GFOs, we guarantee that your business will meet all regulatory requirements, optimizing processes and ensuring your peace of mind.
The service of preparation and submission of Annual Financial Statements (AGR) offered by Elan Consulting provides a complete and comprehensive solution that covers all aspects of the process — from the initial preparation to the final submission of documents to the relevant institutions. This service has been specially designed to provide customers with maximum support and peace of mind in fulfilling their legal obligations related to GFO.
The importance of timely and correct publication of the Annual Financial Statement (AFO) is a critical element in the management of any enterprise in Bulgaria. The legislation provides for specific deadlines that companies must comply with in order to ensure their legality and avoid possible sanctions. Within the year 2024, these deadlines are as follows:
IMPORTANT! Only sole traders who are subject to a mandatory independent financial audit submit an Annual Financial Report to the Commercial Register!
Understanding and complying with these deadlines is essential for all business entities in Bulgaria to ensure their compliance with national laws and regulations. At Elan Consulting, we provide the comprehensive support and resources necessary to our clients to facilitate this process. With our help, companies can successfully navigate through the requirements for publishing and filing GFOs, ensuring timely and correct fulfillment of their obligations.
The Annual Financial Statement (GFO) is a fundamental document that reflects the financial position of each company for the respective reporting period. It is mandatory for all enterprises registered under the Commercial Law in Bulgaria and is subject to publication in the Commercial Register or in the Register of Non-Profit Legal Entities. The content of the GFO is strictly regulated and includes a set of financial documents that provide comprehensive information about the financial results, assets, liabilities and cash flows of a company.
Micro and small enterprises, which are not obliged to conduct an independent financial audit, have the option of not preparing an annual activity report, thereby providing further relief in the requirements for them.
Thus, the GFO is an essential reporting and transparency tool that facilitates informed decision-making by management, owners, investors and other stakeholders.
The annual activity report is an important document that must be submitted by sole traders and other individuals carrying on business, along with their annual tax return. It is intended for those who do not make up a balance sheet, including farmers who have chosen to be taxed as sole proprietors, and individuals operating as traders without registration. The annual activity report is required to be submitted if an activity within the meaning of the Accounting Act was carried out during the tax year.
For sole traders or farmers with net sales revenues of less than BGN 200,000 for the reporting period, who are not subject to a mandatory independent financial audit, the annual report may consist only of a statement of income and expenses.
Failure to comply with the obligations to complete and submit the annual activity report within the deadline is sanctioned under the Personal Income Taxes Act (ZDDFL), and a fine or property penalty of BGN 500 may be imposed if the act is not subject to a more severe penalty.
This document is essential for the proper reporting of business activities and for ensuring transparency to tax authorities. It contributes to the accurate and legal reporting of financial results and is the basis for determining tax liabilities.
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