Change In 2024: Increase In Maximum Insurance Income

• Published date: 10 January 2024
• Subject Matter: Insurance, Tax, Insurance Laws and Products, Income Tax
• Law Firm: Eurofast
• Author: Hristiana Hristova

Insurance income, the basis for calculating state contributions, is undergoing a shift in 2024. The maximum insurance income, beyond which money is subjected to income tax rather than insurance, is set to rise to BGN 3,750 from January 1, 2024. This marks a noteworthy increase of BGN 350 compared to the previous threshold of BGN 3,400, as announced in SG No. 106 on 22.12.2023

Impact on Individuals:

Approximately 163 thousand individuals, identified by the National Social Insurance Institution with a taxable monthly income surpassing BGN 3,400 at the beginning of 2022, will feel the effects of this change.

Financial Implications

With the new cap set at BGN 3,750 from 01.01.2024...