Any property remaining after the liquidation of the public benefit organization shall be transferred to an organization designated for performing public benefit activities with the same or similar non-profit purposes.
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The general principle is that the legal entities with non – profit purposes are not taxed for the activities pursuing their statutory goals.
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Taxable persons according to art.2, para.1 the Law on Corporate Income Tax /LCIT/ are legal entities with non-profit purposes if they perform economic activity.
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There are two types of tax registrations. The Code of Tax Procedure gives the legal framework of general tax registration.
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In general for obtaining tax-exempt status the non-profits should be registered in the Court.
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According to The Law on Corporate Income Taxation, donations in favor of NGOs in public benefit registered in the Central registry, healthcare institutions, specialized organizations providing social services under the Law on Social Support, the Bulgarian Red Cross and others must be accounted as expenses.
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