According to the reminder of the National Revenue Agency, Bulgarians owning property abroad must declare it in the annual tax return under Article 50 of the Personal Income Tax Act by 30 April. The department stressed that it has data on the real estate of our compatriots abroad, as well as on their rental income.
How is that possible?
“This information is received annually at the NRA through the automatic exchange with EU member states, after which it is analysed and compared with the returns filed by our compatriots and the data declared in them,” the NRA said.
In case of any discrepancies in the documents or absence of such declaration, the revenue agency provides an opportunity to the individuals to re-file their forms and declare their property abroad and rental income.
What happens next?
However, if these important corrections are not entered and the omissions are not rectified, control proceedings will be initiated against the incorrect owners of property abroad.
“The automatic exchange of information is an important tool used by the revenue agency to carry out effective monitoring of compliance with tax obligations. Before we start with the enforcement measures, we inform the citizens about the infringements and non-compliances and encourage them to remedy them, “The tax and social security law is being implemented in a very timely manner”, said Deputy Minister of Finance of the Republic of Lithuania. The executive director of the NRA Georgi Dimov.
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