Tax Reporting and Strategy
In a fast changing world, we are helping clients build a tax function for the future. Our complete approach to tax management brings together tax function design, technology and compliance delivery. By aligning tax and tax technology strategies with commercial goals, the tax function will become a strategic business asset, adding value across the organisation.
Understanding our clients’ challenges, goals and needs is just the start. Successful change will require re-engineering ‘end-to-end’ processes, not just the final outputs.
We can work to:
• Meet the challenges of complex multi-tax reporting and compliance obligations
• Design and execute the right tax and tax technology strategies to manage tax risks in a rapidly changing and increasingly transparent global environment
• Take full advantage of the opportunities presented by a technology and data enabled world
Our clients benefit from long-term cooperation and the provision of high quality services, stable operation of outsourced processes and flexibility in reacting to the changing needs of your business.
We can assist you with:
- Accounting and reporting services
- Payroll
- VAT Compliance Services
- Corporate Income Tax Compliance Services
- Consolidation support services
- On-site support services
- Assistance with ERP implementation/localization (accounting and tax modules)
Accounting and reporting services
- Initial set-up of accounting database and chart of accounts in ERP system
- Bookkeeping in accordance with the requirements set out by the Bulgarian Accounting Act, International Financial Reporting Standards, National Accounting Standards and group accounting policies
- Account and intercompany reconciliations
- Maintenance of fixed assets register
- Preparing monthly or annual reports for management and group reporting purposes
- Drawing up reports for the National Statistical Institute
- Drawing up reports for the Bulgarian National Bank
- Statutory year-end closing, assistance for year-end procedures, reconciliations and statutory audit
- Preparing annual financial statements in accordance with International Financial Reporting Standards or National Accounting Standards
- Preparing of annual activity report for the National Statistical Institute
- Tax technology implementations and related ERP support
Payroll
- Setting up initial configurations for the company and for each employee;
- Calculation of monthly net remuneration, personal income tax amounts and social security contributions and preparing the monthly payroll reports
- Submitting payroll reports to the relevant tax and social security authorities
- Preparing HR documentation related to payroll (e.g. hiring and dismissal documents; documentation for changes in salary, position, departmental affiliation and other significant terms of employment contracts);
- Drafting employment contracts and amendments using the client’s standard template;
- Calculating severance payments and settlements when employment is terminated
- Preparing annual settlements
- Assisting in making tax and social security contribution payments to the relevant tax and social security authorities
- Defining the tax / Social Security status of an employee in Bulgaria
- Advising in the field of taxpayer duties, filing obligations and dates
- Preparation of pension certificates, income statements
- Preparation of all bank documents related to the payments of the salary
VAT Compliance Services
- Maintaining purchase and sales records in accordance with the VAT Act
- Drawing up monthly VAT returns
- Submitting VAT returns to the tax office by the relevant due dates
- Completing quarterly summary VAT statements in respect of intra-Community transactions (EC listings)
- Completing monthly Intrastat declarations
- Completing monthly VIES declarations
- Tax advice regarding the treatment of selected transactions within the VAT law
- Tax payment advice and assistance in the refund procedures of excess input tax over output tax
- Periodic reviews of VAT calculations
Corporate Income Tax Compliance Services
- Preparing monthly and annual CIT calculation and CIT returns
- Submitting CIT returns to the tax office
- Preparing supporting schedules substantiating differences between the financial statements and the CIT returns
- Preparing deferred tax calculations and performing deferred tax reviews
- Tax advice regarding the treatment of selected transactions within the CIT law
- Tax payment advice and assistance in the tax refund procedures
- Periodic (monthly, quarterly or annual) CIT reviews
- Preparing withholding tax returns
- Identifying tax planning opportunities with a view to potential tax savings. Corporate administration services
- Supporting start-up businesses in fulfilling the regulatory requirements and preparing the company’s reporting system for effective day-to-day operations
- Registrations of the company for tax, statistical, other regulatory purposes
- Preparation of templates for compulsory documents and disclosure requirements
Consolidation support services
Preparation of Reporting package for subsidiaries for consolidation purposes
Assistance in the compilation (completion) of Reporting packages by the subsidiaries
Preparation of Group Consolidation package (consolidation eliminations and adjustments)
Assistance in the compilation (completion) of Group consolidation package
Assistance in preparation of Consolidated financial statements
Consulting services related to specific consolidation accounting issues (Group disposals and acquisitions treatment issues)
Consolidation trainings with practical examples
On-site support services
On-site support of company’s financial team for accounting, financial reporting and tax compliance processes, incl. during complex internal projects, group restructurings and transformations, transitions periods and overloading periods
Review and evaluation of internal processes and internal controls from accounting and tax compliance perspective
Development of accounting policies and internal procedures in communication with the company’s management and the respective internal divisions and teams
Set-up of individual reporting templates for statutory and management purposes
Mapping of input information from various databases in a single reporting structure through internal or PwC’s software solutions
Assistance in month-end and year-end closing
Assistance during statutory financial audit
Assistance with ERP implementation/localization (accounting and tax modules)
We review and test the localized version of the respective accounting and/or tax modules of the ERP implemented in a local company for its full compliance with the Bulgarian domestic legislation.
