In Bulgaria, the VAT is collected at the rate of 20 %. The minimum rate collected is 9 % for hotel services. VAT is collected on the assets, imports and any services in Bulgaria. It is collected based on the VAT law 2007. Foreign companies who has a turnover of 50,000 BGN in the previous year must register for VAT in Bulgaria. The services that are exempt from VAT are exports and financial services like insurance and banking services.
In Bulgaria, the VAT is collected at the rate of 20 %. The minimum rate collected is 9 % for hotel services. VAT is collected on the assets, imports and any services in Bulgaria. It is collected based on the VAT law 2007. Foreign companies who has a turnover of 50,000 BGN in the previous year must register for VAT in Bulgaria. The services that are exempt from VAT are exports and financial services like insurance and banking services.
Bulgarian VAT is administered by the Bulgarian Ministry of finance and the National Revenue Agency. It comes under the European VAT regime.
Find the VAT price and net price in Bulgaria (GST % is 20) for an amount of 25000
Solution :
GST % = 20
Amount = 25000
Step 1 :
GST Price = (25000 * 20 ) / 100
= 5000
Step 2 :
Net Price = 25000 + 5000
= 30000
Hence the VAT Price is 5000 and Net Price is 30000
Solution :
GST % = 20
Amount = 25000
Step 1 :
GST Price = 25000 - (25000 * ( 100 / (100 + 20)))
= 25000 - (25000 * 0.83)
= 25000 - 20833.33
= 25000 - 20833.33
GST Price = 4166.67
Step 2 :
Net Price = 25000 - 4166.67
= 20833.33
Hence the VAT Price is 4166.67 and Net Price is 20833.33
Bulgarian VAT is administered by the Bulgarian Ministry of finance and the National Revenue Agency. It comes under the European VAT regime.
