Bugarska.net – A reliable partner for real estate, business and legal services in Bulgaria. We build secure foundations for your success!
Bugarska.net – A reliable partner for real estate, business and legal services in Bulgaria. We build secure foundations for your success!
This guide explains all accounting obligations in Bulgaria for local and foreign-owned companies, how company size affects reporting, audit and tax exposure, and how to use accounting strategically for growth and investment.
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Accounting obligations in Bulgaria deal with how businesses capture, disclose and maintain their financial information under local law. Enterprises adhere to the Bulgarian Accountancy Act, local tax regulations and, in many instances, IFRS, depending on the size and type of entity. Companies are required to maintain double-entry books, submit annual financial statements and corporate tax returns, typically according to deadlines every year. They set timing for records retention, how audits operate and which documents must be in Bulgarian. For foreign owners or new founders, these rules can seem harsh but they provide a clear framework. The following sections detail accounting obligations in Bulgaria, important responsibilities, schedules and best practices so preparation and ongoing work remain straightforward and compliant.
Accounting, VAT, audit and reporting duties depend on your company size, activity and growth stage. Start with our structured resources — or book a short consultation to confirm exactly what applies to you.
In Bulgaria, minimal accounting obligations are governed by the Bulgarian Accounting Act, tax laws, and complementary regulations. All registered companies, including EOOD, OOD, and AD, must maintain updated books and adhere to specific accounting standards by composing annual financial statements and submitting them promptly to the Commercial Register. These regulations, which ensure financial transparency, apply even to very small entities, emphasizing timely ledgers and traceability of each economic transaction.
Entities must capture all economic transactions in accordance with Bulgarian bookkeeping regulations, generally on an accrual basis. This means recording income when it’s earned and expenses when incurred, rather than when cash changes hands. Every sale, purchase, loan, and payroll run requires a transparent paper trail to ensure financial transparency.
The core accounting framework includes journals, ledgers, and inventory lists. For example, a retail OOD will maintain sales and purchase journals, alongside a general ledger for all accounts, and stock records that encompass quantities and values. VAT-registered businesses also maintain separate VAT registers to facilitate mandatory filings.
Income, deductible expenses, and liabilities must be readily traceable for tax and reporting purposes. Tax invoices, receipts, and payment evidence must support deductible expenses, particularly concerning corporate income tax and VAT. Invoices should provide supplier and customer information, a unique number, date, and a clear description of the goods or services.
Most Bulgarian companies utilize accounting software that complies with applicable accountancy standards and tax forms. This assists in meeting tight deadlines for VAT returns, corporate tax, and payroll management.
Bulgaria’s core accounting obligations are as follows. Many small and medium entities use national accounting standards. Certain companies apply IFRS. PIEs and listed companies are generally IFRS. Others can opt in if it suits them or the group.
It’s a matter of size, type and sector. Small enterprises are those that do not exceed BGN 10 million in assets, BGN 20 million in net sales revenue or 50 employees. Exceeding these thresholds can affect both the relevant standards and audit status.
Accounting policies are to be reviewed when laws change, for example after the Accounting Act or tax rules updates. Regardless of which framework a company chooses, the financial statements should comply fully with that given set of rules, disclosures included.
Every year, companies prepare a full set of financial statements: balance sheet, income statement, cash flow statement, statement of changes in equity, plus notes. Even micro firms in shortened formats must still show a true and fair view.
Are submitted to the Commercial Register within statutory deadlines, typically by 30 June for the previous year, coinciding with the corporate income tax return deadline. Late filings incur fines for both the company and responsible managers.
Each reported figure should tie back to proper documents: invoices, contracts, bank statements, payroll records, and inventory counts. For instance, income in the P&L must correspond to VAT sales registers and bank receipts.
Bulgaria’s reporting rules follow EU directives, so foreign owners will encounter familiar concepts such as fair presentation, consistency, and comparability across years.
Accounting records, invoices and support documents need to be kept for at least 10 years in Bulgaria. That encompasses general ledgers, journals, tax returns, payroll files and bank documents.
They can be kept either physically or electronically, so long as they are readable and available during an audit or inspection. Most companies scan paper invoices and store them in organized folders by year and document type for expedited audits.
Insights Core Accounting Obligations in Bulgaria) 4. Archiving in a more organized fashion, such as separate folders for VAT, payroll, and fixed assets, reduces response time when the tax office requests evidence. Simultaneously, companies must honor data protection regulations and ensure that personal and sensitive information is immune to misuse or leaks.
In Bulgaria, statutory accounting audits are mandated for medium and large companies, public interest entities, and other categories as defined by legislation. The size is assessed against specific thresholds related to assets, net sales revenue, and employee numbers, similar to the small-enterprise limits. If these thresholds are exceeded for two consecutive years, an audit obligation is typically triggered.
Even in the absence of a statutory audit, companies may still face tax inspections. Maintaining neat and thorough records is essential for expediting checks and preventing disputes. Companies must ensure they can present payroll records, including net salary calculations and withheld PIT, as reported via Declaration 1 and 6, to meet Bulgarian tax legislation requirements.
Responding promptly and accurately to auditors by providing contracts, invoices, and reconciliations can significantly reduce risk and additional expenses. Practically, this means keeping audit-ready files for various topics, including VAT, which involves monthly returns and VIES declarations due by the 14th of the following month, corporate tax, and payroll.
Accounting work in Bulgaria operates within a strict regulatory framework consisting of national accounting standards, EU rules, and local ordinances. This accounting regulation is often complex, leading to grey areas in fiscal laws where tax officers may interpret compliance variably, making accurate accounting and clear internal rules essential.
The Bulgarian Accountancy Act serves as our essential rulebook, dictating the maintenance of books and annual financial statements, as well as the necessity for a statutory audit. This accounting framework specifies the accounting period, which is typically the calendar year, along with the reporting currency (Bulgarian lev, BGN). It also outlines deadlines for submitting annual accounts to the Commercial Register, ensuring compliance with Bulgarian legislation.
Entities are classified under the Act as micro, small, medium, or large based on three criteria: book value of assets, net sales revenue, and average number of employees. These classifications determine the necessary disclosures, the requirement for an audit, and the applicable accounting policies. For example, companies that meet any two of these thresholds as of 31 December—assets exceeding 4,000,000 BGN, revenue exceeding 8,000,000 BGN, and more than 50 employees—are mandated to undergo an independent audit, adhering to financial reporting standards.
At the heart of compliance are the accounting policies, which the general manager establishes before each reporting period. These must be disclosed in the annual financial statements and encompass the assumptions, foundations, sources, and methodologies utilized in preparing the accounts. Any deviation from fundamental accounting principles or from the adopted policies is allowed only in exceptional, justified cases and must be transparently disclosed in the notes, as management and shareholders face personal financial liability if taxes remain unpaid.
Amendments effective retroactively from 6 July 2024 add new layers: higher thresholds for size categories, broader mandatory audit scope, and staged sustainability reporting. Sustainability reporting will roll out in three steps: from 2024 for large public interest entities with over 500 staff, from 2025 for all large entities, and from 2026 for listed small and medium companies and some financial institutions.
Bulgarian rules in practice follow EU accounting and financial reporting directives. The Accountancy Act and related standards target transparency and comparability across states, so Bulgarian company financial statements should be digestible for partners elsewhere in the EU.
Groups applying IFRS or operating under EU-wide sectoral rules must synchronize local policies accordingly. When EU reporting or sustainability directives shift, Bulgaria typically adjusts its laws, which cascades into new disclosures, updated formats or stricter audit requirements.
For companies with cross-border operations, such as a Bulgarian parent with offices in Germany and Romania, this connection to EU directives can ease consolidation. It exacerbates the necessity to monitor EU and Bulgarian law changes simultaneously.
Beyond national and EU regulations, local Bulgarian ordinances impact the daily grind. Municipal or regional agencies might impose additional record keeping requirements for local taxes and fees, such as property tax or waste fees, which require separate ledgers or dedicated account codes.
Local VAT practice, payroll rules and tax filing deadlines are influenced by direction from the National Revenue Agency and other agencies. For instance, you might need to configure your ERP system to support local VAT codes, municipal declarations or payroll breakdowns that aren’t present in another country.
Since fiscal rules are complicated and frequently subjective, many firms maintain manuals describing, for each local requirement, the specific step in their accounting system—who records what, where the proof is stored, and how they handle disagreements with tax authorities. Regularly reviewing ordinances, guidance, and court practice ensures those procedures stay up to date and minimizes the chance of personal financial liability for executives and owners.
In Bulgaria, the size of a company influences the applicable accounting rules, regulatory framework, and the specific accounting standards for financial reporting. This, in turn, affects the level of detail required in public disclosures and how outside investors assess the enterprise.
Micro enterprises generally encounter the least accounting burden, adhering to specific accounting standards that allow them to maintain simple books. They record revenues and expenses, assets and liabilities, and then produce annual accounts in a simplified format. Disclosures are briefer, and notes to the accounts may be more restricted as long as they continue to give a true and fair view, ensuring compliance with national accounting standards.
For the most part, micro entities are not subject to statutory audit if they remain below legal limits for book value of assets, net turnover, and average headcount. This regulatory framework saves both overhead and management, which counts for tiny teams or solo founders, resulting in less publicly available financial information and reduced financial transparency compared to larger organizations.
To maintain these advantages, management must observe the cutoffs annually. As turnover, assets or staff creep above micro ceilings, the company can tick over into “small” territory and become exposed to more detailed reporting, potential audit obligations, and tighter filing deadlines. This shift can impact cash flow planning and internal control requirements.
Small businesses adhere to national accounting guidelines but are more organized than micro businesses. They file full annual accounts, which typically include a balance sheet, profit and loss account, cash flow statement if applicable, and notes. This provides more information on assets, liabilities, and equity. It provides banks and partners with a better perspective than micro-level reporting.
They have to file these accounts with the Commercial Register by law deadline. Small staff and closing deadlines can make this difficult, so a lot of smaller companies create checklists or outsource closing work to remain compliant.
Based on turnover and employee numbers, a few small businesses are at limited audit. Surpassing the legal thresholds can trigger a statutory audit, which adds transparency and can help with bank loans. It also adds fees and time.
I’m watching year-to-year growth closely. Once a little company leans medium, it might need to start getting ready for tighter rules, more extensive notes, and maybe a transition to IFRS down the road.
Medium and large enterprises are subject to the most stringent accounting, reporting, and audit control. They frequently have to implement IFRS, particularly if they’re one of those public interest entities or looking for outside investment. IFRS increases cross-border comparability and generally enhances access to international capital, as investors can interpret the numbers in a standardized way.
| Aspect | Medium Enterprises | Large Enterprises |
|---|---|---|
| Accounting framework | National standards; IFRS sometimes by choice | IFRS usually required, especially for listed or public interest entities |
| Audit requirement | Statutory audit in most cases once thresholds are met | Full statutory audit always required |
| Reporting detail and transparency | Extended notes, some detailed breakdowns | Very detailed disclosures, including segments and related party deals |
| Sustainability / non‑financial info | May provide basic ESG-type disclosures if relevant | Required sustainability information in management report under EU rules |
Both categories need independent statutory audits having exceeded thresholds for assets, net turnover and staff headcount. Auditors audit controls and numbers, which fortifies governance and helps shape internal processes, budgeting and risk management.
These firms have wider reporting obligations as well. They have to display related party transactions, main risks, and frequently sustainability information like ESG issues within the management report. That sort of transparency can develop confidence with lenders and investors, particularly foreign ones who depend on rich, comparable data.
Because of these demands, medium and large businesses usually invest in stronger internal accounting procedures, including monthly closings, documented controls, and clear roles for finance staff. It makes it easier for them to stay on top of both national law and relevant international standards without last-minute scrambling or compliance holes.
Accounting in Bulgaria is closely linked to the tax obligations a business faces, including corporate income tax and VAT compliance. Accurate accounting practices support various taxes, such as withholding taxes on dividends and deductible expenses, while also mitigating the risk of audits or penalties under Bulgarian tax legislation.
Corporate income tax (CIT) is a flat 10% in Bulgaria, and the tax year aligns with the calendar year. Businesses depend on their accounting framework to accurately calculate taxable income, including capital gains, which form part of the tax base and are taxed at the same 10% rate. Bulgarian resident companies are liable for taxes on worldwide income, while non-resident entities are taxed solely on income derived from Bulgarian sources. Proper classification of transactions and counterparties is crucial for compliance with Bulgarian tax legislation.
Annual corporate tax returns must adhere to Bulgarian rules and are due by 30 April for the preceding year. Accurate accounting requires reconciling trial balances, adjusting for non-deductible items, and meticulously documenting every adjustment. Business meals, events, and corporate gifts for promotional purposes are categorized as non-deductible expenses and incur a 10% withholding tax, necessitating separate accounting and reporting.
Dividends add complexity to the tax landscape. If the company has distributed profits, a 5% withholding tax generally applies if the recipient is an individual, non-profit, or a non-resident company outside the EU/EEA. These amounts flow from equity accounts into taxation, meaning dividend decisions must align with available profit and cash flow. All tax positions require robust support from contracts, invoices, and internal calculations to endure a tax audit, as failure to comply with financial reporting standards can lead to significant penalties ranging from 200 to 3,000 BGN for responsible parties.
Bulgaria’s standard VAT rate is 20 percent, while lower rates apply to certain services. VAT registration is compulsory once turnover reaches the legal threshold set by Bulgarian tax legislation. Some businesses opt for voluntary VAT registration earlier to reclaim input VAT on purchases, ensuring compliance with accounting regulations. Your accounting system should alert you when this threshold is approaching, preventing late registration and potential penalties.
Once registered, businesses must issue invoices compliant with Bulgarian VAT rules, which include VAT numbers, dates, tax base, rate, and amount. Mistakes in invoices can lead to denied input VAT or additional tax liabilities. Utilizing standardized templates and conducting periodic audits can significantly enhance financial reporting processes and accuracy.
These periodic VAT returns, typically filed monthly, require detailed information from both sales and purchase ledgers. Output VAT from sales and input VAT from expenses must be reconciled, with any significant refunds or unusual fluctuations clearly explained. Timely filing and payment within statutory deadlines reduce the risk of audits and late payment interest.
Effective VAT accounting involves maintaining meticulous records for every taxable transaction, including contracts and delivery notes for intra-EU supplies. Without this documentation, justifying VAT credit or zero-rate treatment becomes challenging, emphasizing the importance of adherence to specific accounting standards.
Payroll accounting in Bulgaria has a direct tax impact as it links to payroll tax, personal income tax, and social security. Residents are taxed on worldwide income while non-residents are taxed only on Bulgarian-source income. Therefore, payroll must consider employee tax residency and treaty relief when applicable. This adherence to Bulgarian tax legislation ensures compliance with the local regulatory framework.
Every pay run must accurately calculate gross pay, then deduct personal income at 10%, along with the social security and health insurance contributions of both employer and employee. These figures must align with legal rates, caps, and be consistent with employment agreements and timesheets, reflecting the importance of accurate accounting practices.
Employers submit monthly or quarterly payroll reports to the tax and social security authorities, drawn from comprehensive payroll ledgers. Blips or holes here can trigger audits, fines, and disputes with employees if reported figures don’t align with payslips.
Payroll records for every employee, including contracts, timesheets, payslips, leave records, and termination documentation, are included in the accounting archive. Keeping them thorough and accessible facilitates audits and assists corporate tax reconciliation since payroll costs are often a significant deductible expense.
Strategic accounting in Bulgaria refers to taking the data you require for compliance with Bulgarian accounting legislation and making it a growth tool. Rather than being a year-end hassle, accounting is connected to planning, pricing, funding, and tax strategy at many Bulgarian companies. This matters in Bulgaria because non-compliance can bring responsible people fines of 200 to 3,000 BGN, while strong reporting can open doors to banks and foreign investors.
Investors and lenders often request clean, consistent financial statements first. In Bulgaria, that translates to books under the NAS or IFRS based on your size and whether you’re listed. When your balance sheet, income statement, and cash flow statement tie together and reconcile with tax filings, it telegraphs discipline and reduces risk.
Compliance with statutory rules isn’t just about avoiding sanctions. It reflects management’s knowledge of Bulgarian requirements, like the appropriate handling of value added tax (VAT) and the shift toward SAF-T reporting, which will transmit detailed accounting data to the tax office in a standardized format. This type of organization provides investors more reassurance than fuzzy generalities or last-minute submissions.
Strategic accounting can shape how you present the story of your business. A company that segments revenue by product line or market can show which parts grow faster, which helps make a stronger case for future earnings. Clear notes on key contracts, loans, and risks allow investors to judge stability and growth paths, not only last year’s profit.
For larger firms or those seeking cross-border capital, IFRS can be a nice option. IFRS can increase transparency and make Bulgarian companies more comparable with peers abroad, potentially enhancing access to international capital markets. Audited IFRS financials tend to back better loan terms, valuations, or covenants in negotiations because they close information asymmetries and convert numbers into a dialect international investors already speak.
To use accounting merely for filing taxes is to miss its value as a planning tool. Up-to-date ledgers and month-end closings feed rolling budgets and cash forecasts, which are key where payment terms are mixed and credit conditions can shift rapidly. Even SMEs that struggle to meet year-end deadlines can benefit from straightforward monthly reports on cash, margin, and overdue receivables.
Strategic accounting takes it one step further by transforming results into actionable advice. For instance, margin analysis by product or customer can expose where price increases are feasible or where discounts undermine profit. Cost breakdowns can indicate which processes might be optimized or outsourced. With time, this helps identify cost optimization opportunities and process changes that increase efficiency, not just indiscriminately cut costs.
One nice way to keep decisions data-grounded is to use a fixed management report checklist, reviewed monthly or quarterly. A basic list might include:
When senior managers get this information in a timely, clean format, they can make decisions much more quickly about hiring, pricing, stocking, or funding. This reduces the risk of shocks, such as abrupt liquidity gaps or tax shortfalls, since the finance team identifies issues while there is still time to intervene.
Trust in Bulgaria’s business environment still depends a lot on transparent compliance and public reporting. Businesses that get their accounting done on time, maintain neat files and respond to tax or audit inquiries promptly generally establish more trusted relationships with clients, banks and partners. Frequent postponements or absent disclosures can cast doubt even if the fundamental business is strong.
Legal compliance is a signal of internal control. When a business matches its accounting regime to its activity, such as IFRS for a group with foreign operations and local standards for a local SME, it mitigates uncertainty around revenue recognition, asset valuations, and taxes. This can alter reported earnings and capital, so a good explanation in notes and management commentary assists outsiders reading the numbers to interpret them accurately.
Independent audits and agreed-upon procedures play a different role in defining reputation. An unqualified audit opinion on well-prepared statements, together with accurate tax filings and SAF-T compliant records, demonstrates that management is ready to open its books to the world. That can be a selling point when bidding on big contracts or working with multinational partners that need to see evidence of financial health.
Clear communications complete the scene. Shareholders, staff, and sometimes the wider public benefit when results are explained in plain language: what changed, why profit moved, how tax was handled, and what the plan is for the next period. When folks can see that numbers are aligned, vetted, and transparently shared, it’s generally easier to rally support for new projects, restructuring, or fresh capital.
Most compliance problems come from unclear scope: audit triggers, VAT mechanics, archiving rules, or filing timelines. A quick review helps you avoid preventable fines and messy corrections later.
Failure to comply with Bulgarian accounting regulations carries actual financial penalties and legal liabilities. It tends to attract tighter oversight by regulators, which can make things more difficult for your team in the long run.
Common compliance failures and related sanctions include:
Robust internal controls, audits, and defined responsibilities within the finance team reduce the risk of this. Many companies employ local accountants or auditors to re-verify that Bulgarian-specific rules are observed.
Fines for non-compliance in Bulgaria span a broad range of accounting violations. Any individual that fails to publish a financial or sustainability report or audit report within the established time limits is liable to pay a fine between BGN 200 and BGN 3000. If a report is not submitted at all, fines escalate to BGN 1000 to BGN 3000 for the individual, and a property penalty of between BGN 2000 and BGN 15,000 can be levied on the business. For disorganized accounting activity, managers may be fined BGN 500 to BGN 3500, and the enterprise may receive a property penalty from BGN 2000 to BGN 7000.
Late or missing tax and VAT filings can lead to significant consequences under the bulgarian tax legislation. Failure to file an annual return for freelance or other independent activity can incur penalties under the applicable tax laws. For non-compliance with VAT registration requirements, both natural persons and legal entities are subject to fines or property sanctions ranging from BGN 500 to BGN 5000. For a first breach, the standard fines are BGN 100 to BGN 1000 per violation, increasing to BGN 200 to BGN 2000 for each repeated violation. Late payments accrue interest and surcharges as well, making it crucial to monitor every due date with transparent internal calendars to prevent compounding damages.
Apart from immediate fines, regulators may add administrative penalties that interfere with operational processes. For egregious violations like systematic non-reporting or repeated application of erroneous data, regulators can temporarily suspend certain business operations. This might jeopardize the granting of permits or approvals necessary for ordinary commerce.
Non-compliant entities can lose access to public procurement or state aid. An accounting repeat offender company may be shut out from tenders with ministries or municipalities, even where its offer is competitive. Such initiatives are often backed up by enhanced oversight, increased audits, and exhaustive supporting document requests.
After a sanction, it is key to act quickly. Correct filings, update internal procedures, and respond in writing to the authorities. Demonstrating that you’ve addressed the source of the issue is typically required before business as usual completely returns.
Reputational damage can linger longer than the official sanction. Customers and partners will flinch at entering into new contracts if they observe your company has been fined for false invoices or late reports, even if those amounts appear small. If an invoice with false content is used, the sanction can be severe. For a legal person or sole trader, the fine or property penalty ranges from BGN 1,000 to BGN 10,000, and for an individual, it ranges from BGN 500 to BGN 5,000.
Public registers and media coverage can reveal violations. For instance, a false mention of data in a register can entail a penalty of BGN 100,000 to BGN 200,000, and for repeated violations, the penalty can reach up to BGN 300,000. Figures at that level can get banks and investors’ attention, who can then clamp down on credit terms or put funding on hold.
Companies that are going to raise capital or enter new markets generally consider accounting compliance part of their brand. They believe in clean records, crystal clear notes, and timely filings so due diligence goes like clockwork. Not just avoiding sanctions, reliable accurate reporting accrues a history that fosters long-term trust.
Accounting in Bulgaria is characterized by well-defined regulations. The law dictates what to record, how to report and when to file. Company size moves the burden, but no one avoids the fundamentals. Books remain in line, reports remain on schedule and tax connections remain firm.
Shrewd owners do more than check boxes. Clean ledgers help you spot cash gaps, plan costs, and back up talks with banks or partners. Robust records reduce stress in audits and reduce the risk of penalties.
For your next step, examine your own situation. Map out your obligations, plug the holes, and solicit a local accountant to check your work. A quick check now can save a lot of headaches down the road.
We help founders and companies align accounting, VAT and reporting obligations with real operations — and keep records ready for inspections.
How it works:
1) You outline activity / structure
2) We map obligations and deadlines
3) You get clear, actionable next steps
All companies in Bulgaria must adhere to Bulgarian accounting standards and international financial reporting standards (IFRS) where necessary, ensuring accurate accounting records. They are also required to prepare annual financial statements and submit them to the Commercial Register, maintaining transparency in all transactions.
Accounting in Bulgaria is primarily governed by the Accounting Act, the Commercial Act, and the Corporate Income Tax Act, which outline the accounting framework. Public interest entities may have to comply with international financial reporting standards (IFRS), ensuring accurate accounting for their financial reporting processes.
Your company size (micro, small, medium, large) determines your level of disclosure, the need for audits, and the applicable accounting framework for your reporting format. Stricter accounting rules, audits, and detailed notes apply to larger enterprises, while micro and small companies can benefit from simplified financial reporting processes.
Audited companies aren’t all; the need for statutory accounting and an audit depends on size, activity, and thresholds. Medium and large companies, along with some entities, generally require a statutory audit by a registered auditor in Bulgaria.
They provide the foundation for corporate income tax returns, VAT compliance, and other tax filings. Accurate accounting and correct, timely bookkeeping are necessary to determine taxable profit correctly, validate the tax exemptions, and pass inspection by the Bulgarian tax authorities.
Failure to comply with Bulgarian tax legislation may result in monetary penalties, prohibitions on company executives, and potential tax revaluations. In extreme instances, regulatory authorities could pursue legal action against you in court. Penalties are commonly higher when records are absent, partial, or deliberately deceptive, particularly during tax audits.
Strategic accounting is not just compliance; it aids in optimizing tax positions and enhancing cash flow while backing investment decisions. With access to timely financial data, Bulgarian companies can meet accounting obligations, manage risks, plan growth, and demonstrate financial transparency to banks, investors, and partners.
The following official and authoritative sources support the legal, accounting, tax, and reporting framework described in this guide. They provide primary legal texts, regulatory guidance, and international standards relevant to accounting obligations in Bulgaria.
