Nurturing Family Welfare: A Guide To Child Tax Credits In Bulgaria For 2024
Published date | 05 April 2024 |
Subject Matter | Tax, Income Tax, Tax Authorities |
Law Firm | Eurofast |
Author | Hristiana Hristova |
In Bulgaria, child tax credits stand as a cornerstone of family support, crucial for fostering the well-being of children. As we enter 2024, it becomes essential to grasp the intricacies of these credits to ensure families can leverage them effectively amidst evolving tax regulations.
Exploring Child Tax Credit Provisions
For the year 2024, parents have various ways to access child tax credits, including annual, advance, and monthly options. The tax relief amounts remain consistent, providing substantial financial assistance to families with children up to the age of 18, including those with disabilities, i.e. the annual tax base is reduced::
- BGN 6000 for 1 child
- BGN 12,000 for 2 children
- BGN 18,000 for 3 or more children
- BGN 12,000 for disabled children.
Accessing Child Tax Credits
Parents can access these credits either through their employers or by personally submitting annual tax returns. Employers must receive declarations from parents between November 30 and December 31, 2024, adhering to relevant regulations.
Advance Availability of Tax Relief
A notable feature for 2024 is the advance availability of tax relief throughout the year.
Parents can opt for this option by providing a written declaration to their employer, ensuring compliance with specified conditions.
Monthly Reductions for Child Tax Allowance
Utilizing child tax allowances on a monthly basis results...
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