Preparation and submission of a declaration under Art. 50 of the Personal Income Tax Act

The Elvada Accounting Company prepares and submits annual tax declarations under Art. 50 of the Personal Income Tax Act for the income of natural persons.

In the recent years, there has been a growing trend for individuals to make independent investments by buying stocks and shares in foreign companies or investing in various funds and cryptocurrencies. Since there are taxable and non-taxable income generated from trading in financial instruments, per the requirements of the current acting legislation, with certainty, for the correct and timely reporting of income, you are advised to seek the the assistance and consulting from experts in the field.

„I highly recommend the services of the Elvada Accounting Company and Elena Rusinova in particular, who has consistently assisted me with my annual tax returns over the previous few years. My situation is unique, as it involves assets such as shares (RSU & ESPP) that I have acquired through my employment with an American company.

In this accounting company they always approaches all tasks and undertakings with exceptional professionalism and attention to detail, while explaining everything in a clear and understandable manner. The process runs smoothly, and the tax declaration is always prepared flawlessly and on time.

For anyone who values their time and doesn’t want to become an expert in everything, the Elvada Accounting Company is the right choice.”

Alexander Savov

Frequently asked questions

Should I prepare and submit an income tax declaration under Art. 50 of the PITA Act if I have generate income only from employment but simultaneously i have invested in shares of foreign companies?
What is the term for submitting the ATD declaration under Art. 50 of the PITA Act?

Should I prepare and submit an income tax declaration under Art. 50 of the PITA Act if I have generate income only from employment but simultaneously i have invested in shares of foreign companies?

Art. 50 declarations are to submitted by individuals who have income outside their main employment remuneration, such as rental income, freelance income, dividends, etc.

If the individual has realized capital gains from trading in financial instruments traded outside of the EU, as well as gains on sales made outside a regulated market, he should file a Annual Financial Declaration under Art.50 of the PITA Act and to tax the income with 10%.

A new peculiarity is, from the beginning of 2024, that when calculating the taxable income from the sale of financial instruments, the capital gain realised on all transactions during the year should be reduced by 10% of recognised expenses. This is foreseen and stipulated in Art. 33, par 3 of the PITA Act and has come into force on 01 January 2024.

A declaration is to be submitted also in the cases where the individuals hold foreign shares and quotas which are available in their portfolios as of 31 December of the relevant calendar year. The information on these is to be filled in Annex 8 of the ATD under Art. 50 of the PITA Act.

What is the term for submitting the ATD declaration under Art. 50 of the PITA Act?

The deadline for submitting the ATD declarations Art. 50 of the PITA Act is the 30th of April of the year following the year to which the declaration relates.

When submitting a declaration by 31 March, individuals who do not have outstanding public debts may benefit from a reduction of 5% (not more than BGN 500) of the tax due.

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