Big companies will submit a non-financial report as well

The non-financial report, just like the Annual Financial Report and the Activities Report, spans for a period of 1 year and is submitted every year. Submitting a non-financial report is partially beneficial for the companies, according to experts, since this way they present their policies and initiatives before the society and the investors.

At the same time, the implementation of the new report has negative aspects as well, since companies are still not well informed on this topic and the fine for non-submission can be between BGN 500 to 3000 and a property sanction between BGN 2000 and 5000. Companies without activities are not obliged to submit this document.

There are precise definitions about big companies in the Accounting Act – companies with net profit from sales of over BGN 76 million or a balance sheet value of the assets of over BGN 38 million. Public interest companies are: public companies; financial and credit institutions; insuranse companies, utility service companies (W&S, electricity and heat), companies which import, export, distribute ot transit transport natural gas, Bulgarian State Railways and its subsidiaries.

The non-financial report has to be submitted together with the annual financial report until June 30^th of every year and they can be part of the same document or can be issued separately. Additional fee is not required. The Registry Agency has to give a list of all companies, who have not met the deadline for submission of the non-financial report, to the National Revenue Agency (NAP) until July 31^st. The non-financial report also has to be public and available to the stakeholders.