Declaring income from a company in the USA

Declaring income from a company in the USA

 

Question:
Hello!

I have a newly registered company in Wyoming, USA. I am the sole owner and manager. The company will sell digital products. Because the registration is LLC, this type of company does not pay dividends to the owner. Hence my question: how will the owner get his profit in Bulgaria and what tax will he owe here?

Thanks in advance!

 

Answer:

Hello,

You will receive the income by transferring the profit registered in the USA to your bank account.

If you are a local natural person for Bulgaria (defined in Article 4 of the Personal Income Tax Act - Personal Income Tax Act) you are required to file an annual tax in Bulgaria. This type of income is declared in Annex 8 of the Annual Tax Return (GTD). If you have other sources of income, you will need to fill in the relevant applications for them. In the end, you form an annual taxable income from all activities, which is taxed at 10% tax, reduced by the taxes paid during the year on these incomes.

You should keep in mind that some of the incomes also represent insurance income and if no pension and health insurances are made for these incomes during the year, then you also owe insurances on them. The amount of these insurances reduced, the taxable by 10%, the tax base for determining the amount of tax.

We hope we have been helpful to you.

Greetings!