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SUPPLIES OF IMMOVABLE PROPERTY EXEMPT FROM VAT UNDER THE BULGARIAN VAT ACT

November 2008 - Tax & Private Client. Legal Developments by Atanassov & Ivanov Law Firm.

More articles by this firm.

In the last years the Bulgarian tax legislation has undergone a material revision to achieve harmonization with the EU tax legislation.

The VAT Act introduced with effect from January 01, 2007 has implemented the VAT concepts of the Sixth Directive, as further replaced by the Council Directive 2006/112/EC. The new rules affected the VAT implications of the supplies of immovable property.

The purpose of this material is to outline the scope of the supplies with immovable property exempt under the Bulgarian VAT Act (“VATA”).