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Sunday, 10 July 2011 09:42

Bulgarian REITs are governed by the Special Investment Purpose Companies Act 2003 (amended 2006/7) - Link - which exempts profits from corporate taxation if a fund distributes at least 90% of its net income cash flows as dividends, and the Commercial Law (amended 2011) - Link. Other matters include:

  • Accounting is done in accordance with International Financial Reporting Standards / IFRS.
  • Capital Gains from stock trading is tax-free.
  • REITs don’t pay income tax but there is a 5% divident tax.
  • REITs must distribute at least 90% of their net distributable income.
  • Management fees, including board compensation, audit, appraisals & custody fees for REITs are capped at 6.5% of total assets.
Last Updated on Saturday, 04 May 2013 03:11