- Home
- Przewodniki podatkowe
- Bulgaria Tax Guide - Annual Return (2025 Income, Filed 2026)
Bulgaria Tax Guide 2025
10% Capital Gains, EU Regulated-Market Exemption, 5% Dividends, Crypto & Foreign Brokers
10% on the annual net result of taxable disposals with a 10% notional-expense deduction (effective 9%), the чл. 13 exemption for trades on EU/EEA regulated markets, statutory weighted-average cost basis, 5% final dividend tax - all in the annual return under чл. 50 ЗДДФЛ
Last updated: · Reflects the 2025 tax year return filed in 2026. Informational only - not tax advice.
THE ESSENTIALS FOR THE 2025 RETURN
US-MARKET TRADES ARE NOT EXEMPT - AND NOBODY FILES FOR YOU
The чл. 13, ал. 1, т. 3 exemption covers only trades executed on a regulated market in Bulgaria, the EU or the EEA. Sales on NYSE, NASDAQ, LSE or SIX are taxable for individuals (NAP opinion ОУИ Пловдив № 1008/15.04.2024) - the 2021 "equivalent third-country market" rule lives only in the Corporate Income Tax Act. Revolut, IBKR, Degiro, Trading212 and eToro do not report to NAP and do not withhold Bulgarian tax - you self-assess everything.
10% ON THE ANNUAL NET RESULT - EFFECTIVE 9%
Gains and losses from all taxable disposals (shares off EU regulated markets, corporate bonds, derivatives, CFDs, crypto, FX trading) net in one common annual pool (чл. 33, ал. 3). Since 2024 the positive result is reduced by 10% notional expenses and taxed at 10% (чл. 48, ал. 1) - an effective 9%. A negative result means taxable income of zero, but losses do not carry forward to later years.
FILED 10 JANUARY – 30 APRIL 2026 · 5% DISCOUNT BY 31 MARCH
The annual return is filed between 10 January and 30 April 2026 (чл. 53, ал. 1) on the NAP portal (portal.nra.bg) with ПИК or КЕП. E-file and pay by 31 March with no enforceable public debts for a 5% discount (cap 500 лв. = EUR 255.65; чл. 53, ал. 6). 2025 income is declared in BGN while the tax is paid in EUR (euro adoption on 1 January 2026 at 1.95583).
Why declaring investment income in Bulgaria is hard
- -Foreign brokers report nothing to NAP: you compute every gain, dividend and interest payment yourself and convert it at the BNB rate for the acquisition date
- -Exemption depends on the execution venue: the same ETF can be exempt (Xetra regulated segment) or taxable (OTC/MTF execution, or a US exchange) - it takes trade-by-trade classification
- -Weighted average under чл. 33, ал. 4: recomputed as of each sale date, per asset type and issuer, across all brokers - not FIFO
- -No loss carryforward: netting works only within the year, and losses on exempt disposals never offset taxable gains at all
- -Several annexes and codes: Прил. № 5 (код 508/5082), Прил. № 8, Част IV (код 8141), Прил. № 6 (код 603), the informative Част I for foreign holdings, plus the BNB statistical form СПБ-8 - easy to miss one
What Tax-Wizard does for you
✅ Automatic calculations
- Weighted-average cost matching under чл. 33, ал. 4 - per asset type and issuer, consolidated across all your brokers
- BNB conversion per leg - every buy and sell at the rate for its own date, with a full rate-and-date audit trail
- Annual pool netting plus the 10% notional-expense deduction (effective 9%)
- Foreign-tax credit per country, capped at the Bulgarian 5% for dividends
📄 A return-ready output
- Annex/code transcription map: Прил. № 5, Табл. 2, код 508/5082 · Прил. № 8, Част IV, код 8141 · Прил. № 6, код 603
- Exemption classification with a Review sheet and a conservative "treat as taxable" toggle for OTC/MTF executions
- Pre-filled Прил. № 8, Част I - foreign share and ETF holdings as of 31 December
- Warnings: habitual-trader requalification risk, the СПБ-8 threshold, crypto mining (15% sole-trader regime)
Capital gains - чл. 33, ал. 3–4 ЗДДФЛ
Taxable income from the sale or exchange of financial assets is the sum of the year's per-trade gains minus the sum of the year's per-trade losses - one common annual pool covering taxable shares and ETFs, corporate bonds, derivatives, CFDs, crypto and FX trading. Since 1 January 2024 the positive net result is further reduced by 10% notional expenses and taxed at 10% (чл. 48, ал. 1) - an effective 9%. Declared in Приложение № 5, Таблица 2, код 508 (crypto under sub-code 5082).
How the calculation works
| Step | Rule |
|---|---|
| 1. Per-trade gain/loss | Sale price − acquisition cost, in BGN at the BNB rate for each date |
| 2. Acquisition cost | Weighted-average cost (чл. 33, ал. 4) per asset type and issuer, recomputed as of each sale date, whenever the specific lots sold cannot be proven |
| 3. Annual netting | Σ gains − Σ losses for the year, in one common pool; negative result → taxable income 0 |
| 4. Notional expenses | Positive result × 0.90 (10% deduction, since 2024) |
| 5. Tax | 10% (чл. 48, ал. 1) → effectively 9% of the net gain |
Losses do not carry forward
For individuals there is no loss carryforward: netting works only within the calendar year. A 2025 loss cannot reduce a 2026 gain. Losses on exempt disposals (EU/EEA regulated market) are also outside чл. 33 and can never offset taxable gains.
Commissions are not deductible - that is what the 10% is for
The statutory per-trade formula is "sale price minus acquisition cost" - broker commissions are not an enumerated deductible item for individuals. The 2024 lawmaker introduced the 10% notional-expense deduction precisely to compensate for that. The conservative reading (followed by Tax-Wizard): gross prices without fee add-ons, plus the statutory 10%.
Accumulating ETFs: no annual taxation
Bulgaria has no deemed-distribution regime (no analogue of Germany's Vorabpauschale or Ireland's deemed disposal). Accumulating ETFs are taxed only on disposal - and the disposal is exempt when executed on an EU/EEA regulated market.
Worked example - US stock (taxable)
Buy 10 AAPL @ $150 (3 Feb 2025, BNB rate 1.80261 BGN/$) → 2,703.92 BGN.
Sell 10 @ $180 (15 Sep 2025, BNB rate 1.76998 BGN/$) → 3,185.96 BGN.
Gain = 482.05 BGN. Annual pool: 482.05 × 0.90 = 433.84 BGN → 10% tax = 43.38 BGN (Прил. № 5, код 508). The FX movement is automatically included - each leg is converted at its own date's rate.
The regulated-market exemption - чл. 13, ал. 1, т. 3 + § 1, т. 11
Income from disposals of the financial instruments listed in § 1, т. 11 is tax-free: transactions in shares, units of collective investment schemes (incl. UCITS ETFs), subscription rights and government bonds executed on a regulated market within the meaning of the Bulgarian Markets in Financial Instruments Act - by construction a venue in Bulgaria, the EU or the EEA. Also exempt: UCITS redemptions (no on-market requirement, if the scheme is admitted to public offering in the EU/EEA) and tender offers. SME growth markets (e.g. BSE beam) are exempt through 2025 and permanently from 2026.
What is exempt and what is not
| Transaction | Status | Basis |
|---|---|---|
| Shares / UCITS ETFs / rights / government bonds sold on a BG/EU/EEA regulated market (Xetra, Euronext, BSE…) | Exempt | чл. 13, ал. 1, т. 3; § 1, т. 11, б. „а" |
| Redemption of units by a UCITS admitted in the EU/EEA | Exempt | § 1, т. 11, б. „б" |
| SME growth markets (through 2025; permanent from 2026) | Exempt | § 80 ПЗР ЗИД ЗКПО; ДВ 113/2025 |
| Sale on NYSE / NASDAQ / LSE / SIX (US, UK, Switzerland) | Taxable | NAP opinion ОУИ Пловдив № 1008/15.04.2024 |
| Corporate bonds (even exchange-traded) | Taxable | Not listed in § 1, т. 11 |
| Derivatives, CFDs, ETNs/ETCs, structured products, crypto | Taxable | Never exempt (see below) |
⚠️ The OTC-execution trap
The exemption attaches to the transaction being executed on the regulated market - not to the instrument itself. Retail brokers frequently execute EU-listed instruments over-the-counter (OTC) or on MTF segments (eToro executes OTC; Trading212 predominantly OTC; Xetra's segment for US shares is an MTF). Under NAP's strict reading such executions are not exempt even for EU-listed names; taxpayer-favourable counter-arguments exist but are untested. Tax-Wizard flags every exemption-classified trade in a Review sheet and offers a conservative "treat as taxable" toggle.
Why US exchanges do not qualify for individuals
The 2021 amendment recognising an "equivalent third-country market" was made to the Corporate Income Tax Act (ЗКПО) - there is no parallel amendment in ЗДДФЛ. NAP opinion ОУИ Пловдив № 1008/15.04.2024 explicitly taxes sales on third-country markets, "including a market equivalent to a regulated market". Conversely, opinion № 60-30-36/12.01.2026 confirms that shares and ETFs sold on EU regulated markets (Xetra, Euronext) are exempt.
Exempt income need not be declared
Tax-free income under чл. 13 does not have to be declared; it may optionally be disclosed in Приложение № 13 (код 1004). Note the flip side: losses on exempt disposals also stay out of the taxable pool.
Dividends - 5% final tax (чл. 38, ал. 1; чл. 46, ал. 3)
Dividends are taxed at a 5% final tax on the gross amount - whether the source is Bulgarian or foreign. Bulgarian dividends are withheld at source by the payer and are not declared by the individual. Foreign dividends are self-assessed annually only, in Приложение № 8, Част IV, код 8141 - explicitly without quarterly чл. 55 filings. Distributions from distributing funds/ETFs are dividends (5%), not interest.
Credit for foreign withholding tax
| Rule | Content |
|---|---|
| Method | Per the double tax treaty where one exists (чл. 75); otherwise the unilateral ordinary credit of чл. 76 |
| Cap | The credit is determined per country and per income type, capped at the Bulgarian tax on that income - 5% for dividends |
| The excess | Foreign tax above 5% is not refundable in Bulgaria |
| Evidence | Proof of the foreign tax paid must be attached to the return |
Worked example - US dividend, $100 gross with 15% withheld
Dividend of $100 gross, $15 withheld in the US (W-8BEN on file). Bulgarian tax = 5% × BGN value of $100; credit = min(BGN value of $15, 5% × $100) = the 5% cap → 0 лв. due in Bulgaria. The 10-point excess is not refundable. Declared under код 8141 with the ordinary-credit method code.
The 5% discount does not cover the dividend tax
The чл. 53, ал. 6 early-filing discount applies only to the tax under чл. 48, ал. 1–2 (the general annual base) - not to the final tax on dividends. Stock dividends (new shares from capitalised profits) are not taxed on receipt; liquidation proceeds go under код 8142 - 5% on the excess over the documented acquisition cost.
Interest & P2P lending
Bulgaria exempts most "classic" interest, but broker and P2P interest is taxable. The rules by type:
| Type of interest | Tax | Basis / declaration |
|---|---|---|
| Bank deposits in the EU/EEA | Exempt | чл. 13, ал. 1, т. 8 (since 1 Apr 2022); not declared |
| Coupons and discounts on Bulgarian and EU/EEA government, municipal and corporate bonds | Exempt | чл. 13, ал. 1, т. 9; not declared |
| Interest on broker cash balances (IBKR, Trading212…) | 10% | чл. 35, т. 3 → Прил. № 6, код 603 |
| P2P platforms (Mintos, PeerBerry, Bondora, Robocash…) | 10% | чл. 35, т. 3 → Прил. № 6, код 603 |
| Deposits and bonds outside the EU/EEA (e.g. US Treasury coupons) | 10% | чл. 35, т. 3 → Прил. № 6, код 603 |
No advance / quarterly tax when the payer is foreign
Advance taxation under чл. 44а applies only when the payer is a Bulgarian enterprise. With foreign brokers and P2P platforms the 10% is assessed only in the annual return - on the gross amount, with no deductions. Broker interest is not "bank deposit" interest - the т. 8 exemption names banks and bank branches only. Foreign withholding (e.g. Latvian WHT at Mintos) is credited per country via Приложение № 9.
Worked example - Mintos interest
EUR 200 of Mintos interest in 2025 → 200 × 1.95583 = 391.17 BGN → 10% tax = 39.12 BGN (Прил. № 6, код 603). No quarterly filings - annual return only.
Cryptocurrency (чл. 33, ал. 3, код 5082)
Since 1 January 2024, чл. 33, ал. 3 explicitly covers virtual currencies. NAP treats them as financial assets (not "financial instruments"), so the чл. 13 exemption never applies. Gains enter the same annual pool as other taxable financial assets: 10% after the 10% notional deduction (effective 9%), at weighted-average cost. Declared in Прил. № 5, Табл. 2, sub-code 5082. There is no holding-period exemption (unlike Germany).
Which events are taxable
| Event | Taxable? | Notes |
|---|---|---|
| Buying crypto with fiat | No | Creates acquisition cost |
| Selling crypto for fiat | Yes | Into the annual pool, код 5082 |
| Crypto → crypto swap | Yes | "Sale or exchange" - every swap is a disposal, even without fiat |
| Paying for goods/services with crypto | Yes | Treated as a disposal |
| Staking rewards / airdrops | Not on receipt | Acquisition cost 0 лв. - the full proceeds are taxed on the later disposal |
| Transfers between your own wallets | No | Not a disposal |
Staking and airdrops: zero acquisition cost
The prevailing reading of NAP practice: receiving the reward is not a taxable event, but what you receive carries an acquisition cost of 0 лв. (чл. 33, ал. 6, т. 3) - on disposal the entire proceeds are taxed. There is no official guidance on airdrops and hard forks; Tax-Wizard applies the same zero-basis model and flags the rows for review.
Mining - outside the scope of this report
NAP treats mining as a business activity: 15% under the sole-trader regime plus social security contributions (Приложение № 2), with actual expenses deductible. Tax-Wizard only warns - consult an accountant.
Worked example - BTC → ETH swap
A BTC → ETH swap is a disposal of BTC at the market value of the ETH received. The gain (against the weighted-average BTC cost) enters the same annual pool as taxable stock gains and is declared under код 5082 - even though no fiat was touched.
Derivatives, CFDs, FX trading & structured products
Options, futures, CFDs, ETNs/ETCs, certificates and other structured products, together with FX trading, are "other financial assets" under чл. 33, ал. 3: always taxable at 10% after the 10% notional deduction, in the same common annual pool as taxable shares and crypto. The чл. 13 exemption never applies to them - § 1, т. 11 lists them nowhere, and CFDs trade OTC anyway. There is no separate regime for structured products.
One upside of the common pool
Because the pool is shared, a CFD loss can offset a gain on US shares or crypto in the same year - but only within the year, with no carryforward.
Currency conversion - the BNB rate (чл. 10, ал. 3) and the euro transition
Monetary income in foreign currency is converted to BGN at the BNB rate for the date the income was acquired (чл. 10, ал. 3) - no T-1 offset: the rate valid for that day applies. The BNB fixing for currency X valid for day D equals 1.95583 ÷ (the last ECB reference rate for X published before D) - the lev was pegged to the euro at 1.95583 until euro adoption. Tax-Wizard records the exact rate and date used on every leg of every trade.
The euro from 1 January 2026
Bulgaria adopted the euro on 1 January 2026 at the irrevocable rate of 1.95583 BGN/EUR. For the 2025 return (filed in 2026): income is declared in BGN, while the tax is paid in EUR. From tax year 2026 the return and all thresholds are entirely in EUR.
Filing, deadlines & the annex map
Key dates for the 2025 return
| Date | Event |
|---|---|
| 10 January 2026 | Annual-return window opens (чл. 53, ал. 1) |
| 1 March 2026 | Pre-filled return available on the NAP portal |
| 31 March 2026 | Deadline for the 5% discount (e-file + pay, no public debts); also the deadline for the BNB СПБ-8 form |
| 30 April 2026 | Filing and payment deadline (incl. the final tax on foreign dividends) |
| 30 September 2026 | One-time correcting return (чл. 53, ал. 2) |
The 5% discount
E-file by 31 March + pay by 31 March + no enforceable public debts → a 5% discount on the balance due under чл. 48, ал. 1–2, capped at 500 лв. (= EUR 255.65). The discount does not apply to the final tax on dividends.
No XML - figures are transcribed into the NAP portal
Unlike Poland's e-Deklaracje, there is no public XML import schema for the чл. 50 return. You file through the web form at portal.nra.bg with ПИК or КЕП (pre-filled from 1 March). That is why Tax-Wizard produces transcription-ready amounts per annex / table / code - open the report next to the portal and copy the numbers across.
Annex & code map
| Annex / code | What goes there |
|---|---|
| Прил. № 5, Табл. 2, код 508 | Annual net result of taxable disposals of financial assets (shares off EU regulated markets, corporate bonds, derivatives, CFDs, FX trading) |
| Прил. № 5, sub-code 5082 | Virtual currencies (from the 2024-year form onwards) |
| Прил. № 8, Част IV, код 8141 | Foreign dividends - 5% final tax, gross + foreign tax + treaty method code |
| Прил. № 8, Част IV, код 8142 | Liquidation proceeds - 5% on the excess over acquisition cost |
| Прил. № 6, код 603 | Taxable interest (broker cash, P2P, non-EU/EEA deposits and bonds) - 10% |
| Прил. № 8, Част I | Informative: shares and units (incl. foreign ETFs) held abroad as of 31 December - even with zero income |
| Прил. № 9 | Application of double-taxation relief methods, per country |
| Прил. № 13 (код 1004) | Optional: tax-exempt income (e.g. exempt regulated-market disposals) |
Extra duties & risks
Прил. № 8, Част I - foreign holdings
Bulgarian tax residents must declare, for information, their shares and participations in foreign companies (including foreign ETF units, per a 2025 NAP opinion), foreign permanent establishments and foreign real estate - per country, holdings as of 31 December, quantity and acquisition value, even with no income at all during the year (чл. 50, ал. 1, т. 4). Crypto holdings are not declared here. Tax-Wizard pre-fills this part from your open positions.
BNB form СПБ-8 - by 31 March
Separate from NAP: the statistical form СПБ-8 under BNB Ordinance № 27 is due by 31 March for accounts abroad and securities held abroad without a Bulgarian intermediary, when the total at 31 December is ≈ BGN 50,000 / EUR 25,565 or more (check BNB's current threshold after euro adoption). Tax-Wizard warns you when the threshold is reached.
⚠️ The habitual-trader requalification risk
Systematic, habitual, profit-seeking trading can be requalified by NAP as sole-trader commercial activity: 15% on the net profit plus social security contributions, and loss of the чл. 13 exemption (чл. 13, ал. 5). There is no bright-line statutory test - it is judged on the totality of circumstances. Tax-Wizard shows a prominent warning for high-frequency portfolios.
Frequently asked questions
Do I have to declare income from a foreign broker?
Yes. Foreign brokers report nothing to NAP and withhold no Bulgarian tax - you self-assess everything in the annual return under чл. 50: taxable disposals in Прил. № 5 (код 508/5082), foreign dividends in Прил. № 8, Част IV (код 8141), taxable interest in Прил. № 6 (код 603), plus the informative Част I for foreign holdings.
Which trades are tax-exempt?
Disposals of shares, UCITS/ETF units, subscription rights and government bonds executed on a regulated market in Bulgaria, the EU or the EEA, plus UCITS redemptions and tender offers (чл. 13, ал. 1, т. 3). US, UK and Swiss venues do not qualify for individuals; also beware OTC/MTF execution by retail brokers.
Can I use FIFO?
Not by default. When you cannot prove which lots were sold - the normal case with brokerage accounts - чл. 33, ал. 4 prescribes the weighted-average acquisition cost per asset type and issuer, recomputed as of each sale date.
Are crypto-to-crypto swaps taxable?
Yes. Чл. 33, ал. 3 covers "sale or exchange" and since 2024 names virtual currencies explicitly - every swap is a disposal, even without fiat. Код 5082, weighted-average cost, no holding-period exemption.
How are foreign dividends taxed?
5% final tax on the gross amount, annually only, in Прил. № 8, Част IV, код 8141 - no quarterly чл. 55 filings. Foreign withholding is credited per country, capped at the Bulgarian 5%: with 15% US withholding nothing is due in Bulgaria, and the excess is not refundable.
What are the deadlines and the discount?
10 January to 30 April of the following year (чл. 53, ал. 1), with a one-time correction until 30 September. A 5% discount (cap 500 лв. = EUR 255.65) for e-filing and paying by 31 March with no public debts - but not on the final dividend tax. 2025 income is declared in BGN, the tax is paid in EUR.
Are accumulating ETFs taxed annually?
No - Bulgaria has no deemed-distribution regime. Tax arises only on disposal, and the disposal is exempt when executed on an EU/EEA regulated market.
Bulgarian–English glossary
| Годишна данъчна декларация (ГДД) | Annual tax return | Капиталова печалба | Capital gain |
| Цена на придобиване | Acquisition cost | Средно претеглена цена | Weighted-average cost |
| Окончателен данък | Final (withholding-style) tax | Регулиран пазар | Regulated market |
| Данък при източника | Withholding tax | СИДДО | Double tax treaty |
| Нормативно признати разходи | Notional (statutory) expenses | Разпореждане | Disposal |
| НАП | National Revenue Agency (NAP/NRA) | БНБ | Bulgarian National Bank (BNB) |
Sources
- ЗДДФЛ - consolidated text (APIS, republished by the Ministry of Labour and Social Policy), also on lex.bg
- NRA - taxation of virtual-currency income
- NAP portal - the чл. 50 annual return (portal.nra.bg/details/dec-50)
- NAP opinion ОУИ Пловдив № 1008/15.04.2024 (kik-info)
- NAP opinion № 60-30-36/12.01.2026 - shares and ETFs on EU regulated markets (kik-info)
- KPMG Bulgaria - tax news 18.01.2024 (the 2024 ЗДДФЛ amendments)
- PwC Tax Summaries - Bulgaria
- Труд и право - the ЗДДФЛ changes for 2026
- BNB - exchange rates
- Council of the EU - Bulgaria adopts the euro from 1 January 2026
Ready to file your Bulgarian annual return?
Upload your broker files and Tax-Wizard produces a return-ready report - every amount in BGN at the BNB rate, weighted-average cost under чл. 33, ал. 4, exemption classification with a Review sheet, and a transcription map per annex and code (508/5082, 8141, 603).
Start now →This guide is informational and does not constitute tax advice. It reflects the 2025 tax year return filed in 2026; verify your specific situation with a Bulgarian tax advisor or accountant.
Ile naprawdę jest wart Twój czas?
Weź pod uwagę wartość swojego czasu oraz spokój ducha, jaki daje niezawodne i dokładne narzędzie do obsługi Twoich rozliczeń podatkowych
(płatność obejmuje rozliczenie za ten rok 2025 oraz lata poprzednie, odnowienie ręczne w przyszłym roku)
Premium
Wszystkie funkcje, dla Revolut, Degiro, eToro, XTB, Trading212, Interactive Brokers, Freedom24, Lightyear, Trade Republic, Coinbase, Robinhood Crypto,...
- Obsługa wszystkich brokerów i walut
- Automatyczne obliczanie zysków kapitałowych
- Raport z nabyciami, zbyciami, dywidendami i odsetkami
- Raport i statystyki otwartych pozycji
- Statystyki transakcji i dywidend
- Eksport otwartych pozycji do Yahoo Finance
Business
Wszystkie funkcje premium, dla księgowych, doradców finansowych, konsultantów podatkowych oraz innych profesjonalistów i firm chcących korzystać z Tax-Wizard dla wielu klientów.
- Obsługa wszystkich brokerów i walut
- Automatyczne obliczanie zysków kapitałowych
- Raport z nabyciami, zbyciami, dywidendami i odsetkami
- Raport i statystyki otwartych pozycji
- Statystyki transakcji i dywidend
- Eksport otwartych pozycji do Yahoo Finance