Tax credits
- Low film production costs – as much as 30% lower than the Central European countries and significantly below those of the western part of the Continent, US and Canada.
- Bulgaria has a flat rate of 10% for personal and corporate income Tax which is the lowest in Europe.
- Local VAT refund is guaranteed.
- If you want us to deal with the VAT refund, this means that you chose to use one of Nu-Boyana companies
- The VAT is 20%. There is VAT on all purchases, rentals and services, i.e. construction materials, equipment rentals, site rentals, offices, transportation etc. Almost everything that we buy/rent from local vendors has VAT. There are some vendors which do not have to charge VAT because their annual turnaround does not exceed certain number.
- Crew members are hired either through their companies or as individuals. Some crew members that are hired through their companies charge VAT and other don’t. This again depends on the size of their companies.
- All VAT paid on the materials purchase, rentals, services and crew is refundable with the exception of VAT on hotels, food and partly fuel.
- There is NO VAT on airfares.
- If NBC will be the local production company for the project then will be contracting all the local vendors including crew, equipment, site rentals, etc. NBC will be responsible for the VAT refund as well. The fee could vary a lot, meaning 5%, 10%, 20%. This really depends on the amount of the VAT.
- It could be also a fixed amount if the parties agree on such number.
- If you decide to use our company then we have to sign a PSA and an annex for the VAT refund. Based on it we will wire you back your part of the VAT.
- We are handling all the paperwork and file the VAT refund application to the Tax authorities.
- VAT applications are submitted monthly, no later that 14th of the month following the month in which the expenses have been made.
- It takes between 3 and 8 months for a complete VAT refund. The charge of Boyana would be covered from the refunded VAT.
