Bulgaria, situated on the Balkan Peninsula in Southeast Europe, has a strategic geographic position as a bridge between Europe and Asia. Bulgaria is divided into 28 provinces, with Sofia as its capital. The official language of Bulgaria is Bulgarian, and the currency is the lev (BGN).
Bulgarian tribes merged with the local Slavic inhabitants in the late seventh century to form the first Bulgarian state. At the end of the 14th century, the Bulgarian state fell under Ottoman rule. Northern Bulgaria attained autonomy in 1878, and all of Bulgaria became independent from the Ottoman Empire in 1908. Communist influences ended in 1990, when Bulgaria held its first multi-party election since World War II and began the process of moving toward political democracy and a market economy.
Bulgaria joined the North Atlantic Treaty Organization (NATO) in 2004 and the European Union (EU) in 2007.
As a member of the European Union, Bulgaria has well-developed macroeconomic policies and is one of the most financially stable economies in the Central and Eastern region of Europe. In recent years, Bulgaria has been an increasingly attractive destination for outsourcing of businesses in a number of sectors, such as the pharmaceutical sector and the IT and communications sectors. The workforce in Bulgaria is well-educated, while the cost of labour in the country is relatively low. The country has a low corporate income tax (CIT) rate of 10%. The World Bank classified Bulgaria's economy as an ‘upper-middle-income economy’.
As Bulgaria's leading tax planning practice, with over 25 years of local experience, PwC is renowned for the depth and quality of our expertise. Our approach embraces many aspects of tax problem-solving, from ideas to implementation, blending the skills of tax and financial specialists with our other in-house specialists, as necessary.
PwC Bulgaria works with various types of businesses, such as multinationals, public sector organisations, privately-owned companies, entrepreneurs, family businesses, etc. We aim to meet our clients' diverse needs by putting them at the heart of everything we do and helping them find effective solutions by combining industry insight with technical expertise.
Our specialists provide assistance with corporate tax services, including tax structuring, compliance, and mergers and acquisitions; transfer pricing; indirect tax services, including value-added tax (VAT) and customs and excise duties; international assignment solutions, including visas and immigration; income tax consulting; compliance and employment law advice; and assistance in relation to EU funding for different projects.