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It's important to pay all taxes before registering property rights. In addition to the taxes and fees required to complete a real estate purchase in Bulgaria, foreign investors should also factor in expenses for a notary, real estate agency commission, and other additional costs.
The tax assessed value of corporeal immovable property is determined at rates specified in an annex to the Local Taxes and Fees Act depending on the type of the immovable property, its location, surface area, structure and depreciation, and is communicated to the taxable persons.
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Local natural persons within the meaning of Bulgarian tax law that receive income originating from rent are subject to taxation pursuant to Art. 31 ITNPA. The taxable income from rented property is determined by way of decreasing the income received by the expenses amounting to 10 per cent.
Aug 5, 2019 · The Local Taxes and Fees Act (LTFA) regulates the regime for taxation with property taxes and fees in Bulgaria. Here is a brief overview of the main property taxes and fees in Bulgaria.
Taxes related to renting out real estate property. 1. Withholding tax. Any rental income you have from the property is subject to 15% Bulgarian withholding tax. The withholding tax is levied on the gross amount of the rental income and no expenses can be deducted.
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Property owners in Bulgaria may be eligible for tax deductions on certain expenses related to their rental property. These expenses can include property management fees, maintenance and repair costs, property insurance premiums, and mortgage interest payments.
