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Bulgaria Property | Bulgaria property Tax and Taxation
By property | November 21, 2008
INDIVIDUAL TAXATION
Non-residents are liable to pay tax on their Bulgarian-sourced income. Married couples are taxed separately.
INCOME TAX
Income earned by non-residents is taxed at a flat rate of 10%. Deductions are not allowed for non-residents.
Rental Income
Tax on gross rents payable to non-residents is withheld at source at 10%. Tax due must be remitted monthly unless a tax treaty between Bulgaria and the foreign country exists whereupon tax may be remitted quarterly.
Capital Gains
Capital gains realized by non-resident individuals from the sale of Bulgarian property are taxed at 10%. The inflation adjusted acquisition price or the taxable value of the property for the purpose of real estate tax, whichever is higher, is deductible from the selling price.
VALUE ADDED TAX(VAT)
Land transactions and leasing residential properties are exempted from VAT.
PROPERTY TAX
Real Estate Tax
Real estate tax is around 0.15% of the sale/purchase price of the property to be paid quarterly in the end of months March, June, September and November. Alternatively, the taxpayer can pay his real estate dues in one installment to avail himself of a discount.
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