VAT deregistration.

VAT deregistration.

Question:
Hello!
I have a sole proprietorship with an office in Sofia.
What I know about VAT is that if the turnover falls below BGN 50,000 at the end of an 18-month period, the company must submit an application for deregistration within 14 days.
Please comment.
Thanks in advance!

Answer:
Hello,
A company registered under VAT on the basis of Art. 96 of VAT (to reach a turnover of BGN 50 thousand for the last 12 months) has the right to submit documents for VAT deregistration, if the turnover falls below BGN 50 thousand for the last 12 months. However, this is a right, not an obligation. I.e. if the company decides, it may not submit an application for deregistration (ie remain registered for VAT) and this is not a violation. If the VAT registration is made by choice (Article 100 of the VAT), then even if the turnover has fallen below BGN 50 thousand, if 12 months have not passed since the beginning of the year following the year in which the deregistration was made, the company will not can be deregistered for VAT.
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