You had additional income to your salary in the past year, but you don’t know if you have to declare it and pay tax on it? Do you have life savings insurance or do you contribute to a voluntary pension fund and want to use tax benefits, but do not know what you need to do to use them?
For the Months and More for You
The first four months of each calendar year are marked by the tax campaigns for declaring the income of individuals for the past year. And whether you work under an employment contract or are self-employed, you may have to deal with a phenomenon called the Annual Tax Return. Why? Because at least you can fall into the category of people entitled to tax relief. To estimate tax refund you need the best deals now.
And with the beginning of the tax campaign, the questions begin, can you use benefits and how to do it? Do you have to file an Annual Tax Return after my grandmother moved the house to the village? Etc.
In order not to be surprised anymore, we at Izbiram.bg will tell you everything you need to know about the Annual tax returns, taxable and non-taxable income, tax relief and even how to write off debts to the state with expired term of prescription.
What do we need to know about Annual Tax Returns?
The annual tax return is a document through which the citizens themselves determine the tax due by them on the income received in the previous year, in this case 2020. Through it, they are indebted to the NRA. The amount of tax for individuals is 10% of income.
Annual tax returns must be filed by all persons who:
- Own shares and stakes in companies.
- Have real estate abroad or have acquired income from a source abroad, which is subject to final taxation.
The annual tax returns can be filled in manually, and the form and all applications can be downloaded from the NRA website or picked up on the spot from the tax agencies throughout the country. For the convenience of several years on the NRA website you can download a tax return with a bar code, the advantage of which is that the software product calculates the amount of tax itself, after filling in the data and applications. If you have an electronic signature, you go to the NRA website and fill in everything directly electronically and you don’t think of anything.
The documents certifying the income are accompanied by documents certifying the income, such as official notes from labor and non-labor legal relations. When tax reliefs are used, one of the following documents shall be attached, depending on the circumstance, a copy of a valid decision of the TEMC and copies of documents proving personal contributions made for insurance length of service.