District Varna

Legal and normative frame

Stable legal frame for attraction and protection of foreign investments.
Simplification of the License, Permission and Registration Regimes /simplification of more than 50% of the existing regimes/ .
Considerable decrease of the administrative barriers and expenses for establishment of business .
Accelerated amortization norms: 2 years for computers, 3 1/3 years for machines .
Institutional support for large foreign investment projects .
Establishment of industrial zones with considerable investment incentives .
Introduction of the International Accounting Standards (IAS) .
- 2003 for financial institutions and public unions .
- 2005 for the remaining companies.

Taxation

Corporate tax rate
- 19.5%.
- 0 % in areas of high unemployment – the of municipalities Avren, Vetrino, Valchi Dol, Dolni Chiflik, Dalgopol, Provadiya, Suvorovo.
Personal income tax

The annual taxable base is the sum of all taxable incomes received during the calendar year. The total annual income is subject to some adjustments and is then taxed in accordance with an annual progressive scale as follows:

Capital income tax: 0 % .
Interest income tax: 0 % .
VAT
- 20% .
- VAT exemption for imports for investment projects over 5 million EUR .
- For imports for investment projects over 5 million EUR – VAT credit refund in 3 - month term .
- VAT exemption for imports for investment projects over 5 million EUR.
- VAT credit refund within 45 days for exporters.
- The export of software is VAT free.