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The tax practice at Deloitte is held in high regard by its peers. The practice is led by Georgi Sarakostov who is mentioned frequently by other professionals as one of Bulgaria's leading tax advisers. He leads a team of about 35 professionals.The tax ... [more]

The tax practice at Deloitte is held in high regard by its peers. The practice is led by Georgi Sarakostov who is mentioned frequently by other professionals as one of Bulgaria's leading tax advisers. He leads a team of about 35 professionals.

The tax team has about the same number of practitioners doing advisory work and compliance. There is also a team of about fivewho offer legal services, which supports the rest of the tax team especially during corporate transactions. The litigation practice has been growing this year because of increasing scrutiny from the tax authorities. The group acted in infringement procedures to the EU regarding the authorities' approach to withholding tax.

The corporate tax and indirect tax advisory teamhas seen an increase in cross-border transactional work this year. The group has been advising on the implementation of the trans-Balkan pipeline which has involved a lot of interaction with the team in the Netherlands. The group also worked on the acquisition of a Bulgarian company by an Italian investor, which involved integration with the legal team.

The practice has also carried out a lot of due diligence for transactions in the renewable energy sector where the firm is able to benefit from its experience in the wider energy market. Work for pharmaceutical companies is also growing and the group has also carried out a lot of debt restructuring for financial services companies. The group advises two out of the three largest telecommunications companies in Bulgaria.

The practice at Ernst & Young is headed by Trevor Link, who took over from Laszlo Szakal after he returned to Hungary. Link leads a team of about 45 fee-earners. Evguenia Tzenova and Milen Raikov are both singled out by their peers for their strengths ... [more]

The practice at Ernst & Young is headed by Trevor Link, who took over from Laszlo Szakal after he returned to Hungary. Link leads a team of about 45 fee-earners. Evguenia Tzenova and Milen Raikov are both singled out by their peers for their strengths in transactional and indirect tax work respectively.

Much like elsewhere within the network the practice is structured along four main groups: tax advisory, compliance, legal services and human capital. About half of the fee-earners in the Bulgarian practice are based in the tax advisory group; compliance is the second largest group which has about 15.

The practice has seen an increase in tax litigation work, totalling about €30 million ($43 million) of successful claims over the last year. The bulk of these cases concern VAT matters, though there have been a few about withholding tax and the application of treaties. The group represented a large retailer in a VAT dispute concerning the building of a shopping mall which is now pending a decision from the European Court of Justice (ECJ).

After a brief hiatus transactional work has begun to increase again. Most of the work the team deals with is inbound, typically from other European countries though more investment is coming from less typical jurisdictions such as China. Transfer pricing work is an area that is expected to increase next year following the introduction of guidelines 18 months ago.

The practice advises mostly multinationals and advises companies from a number of different sectors. The group has seen an increase in work in the alternative energy sector.

KPMG's tax practice is led by Kalin Hadjidimov and consists of about 60 people, which includes bookkeeping and legal staff. The team is largely unchanged over the last few years. The practice provides services in direct and indirect tax, transfer pricing ... [more]

KPMG's tax practice is led by Kalin Hadjidimov and consists of about 60 people, which includes bookkeeping and legal staff. The team is largely unchanged over the last few years. The practice provides services in direct and indirect tax, transfer pricing and M&A tax.

Corporate tax and VAT make up the bulk of the practice's work, though the practice has noticed more transfer pricing work as the authorities increasingly scrutinise existing international structures. Merger & acquisitions work has also started to pick up again over the last nine months.

The practice is particularly experienced in advising Bulgarian companies looking to go outbound. This year the team advised a large Bulgarian company on a new tax structure which involved changes to the existing shareholding and trade operations.

PwC's tax team in Bulgaria is led by country managing partner Irina Tsvetkova who is viewed by her competitors as one of the strongest practitioners in the Bulgarian tax market. "She is a very active on the market and people have a high opinion of her" ... [more]

PwC's tax team in Bulgaria is led by country managing partner Irina Tsvetkova who is viewed by her competitors as one of the strongest practitioners in the Bulgarian tax market. "She is a very active on the market and people have a high opinion of her" said one partner. She is one of two partners alongside Paul Tobin. Krasimir Merdzhov is mentioned as an up-and-coming practitioner.

The team comprises around 25 people and covers most of the major areas of tax including corporate tax, VAT, transfer pricing, M&A, VAT, excise duty, international structuring and tax compliance, especially in the area of VAT. There is a good balance to the practice with a near-equal split between corporate tax and indirect tax. Specialisation, which existed before the problems in the economy, has ceased and most of the professionals cover a broad range of tax areas.

Compliance work has increased this year along with transfer pricing because of the increasing scrutiny of the authorities during audits. The transfer pricing team comprises about three professionals and this is an area the practice expects to grow over the next few years. This year has seen a pick-up in M&A work but this has still been relatively quiet in terms of pre-2008 levels.

The team has clients in most of the large industries and is particularly strong in the pharmaceutical and real estate sectors though work for the latter has decreased over the last few years.

Pavlov and Partners in cooperation with CMS Reich-Rohrwig Hainz offers a good range of tax services. The group benefits from being part of the CMS network and so regularly operates on cross-border matters.The tax team is made up of four professionals. ... [more]

Pavlov and Partners in cooperation with CMS Reich-Rohrwig Hainz offers a good range of tax services. The group benefits from being part of the CMS network and so regularly operates on cross-border matters.

The tax team is made up of four professionals. All of them have worked studied or worked in another jurisdiction at some stage and feel comfortable working on international tax matters. Managing partner Valentin Savov worked in the Netherlands, concentrating mainly on transfer pricing. Associate Jivko Sedlarski recently spent time working for CMS Bureau Francis Lefevre in Paris.

The practice made a name for itself in 2005 when it worked on the €1.6 billion acquisition of M-Tel, the telecommunications company by Mobilkom Austria Group. The group continues to work on cross-border matters, especially for their large energy client base. Savov is working for EADS on the structuring of a joint venture with a Russian group. Last year both Savov and Sedlarski represented IRIS on a cross-border restructuring which raised withholding tax issues.

The increasing aggression of the Bulgarian tax authorities has increasd the number of tax disputes the practice have been involved in. The tax practice represented EnviroChemie in an appeal of a VAT audit assessment of more than $150,000.

The transfer pricing activity of the group is growing and this is an area where the firm expects to see more work after the new guidelines introduced in Bulgaria in 2009.

Grant Thornton's tax practice is viewed by the market as probably the strongest team in an accounting firm that is not one of the big-four. It is led by Milena Mladenova who is one of four senior managers. She leads a team of 10 practitioners. The practice ... [more]

Grant Thornton's tax practice is viewed by the market as probably the strongest team in an accounting firm that is not one of the big-four. It is led by Milena Mladenova who is one of four senior managers. She leads a team of 10 practitioners. The practice benefits from a fairly stable team with no recent changes in personnel.

The practice's time is split fairly evenly between support work during audits and consulting work, often sourced from the network. The practice advises across most of the main areas of tax including corporate tax, VAT, and advice on double tax treaties. Demand for VAT services has increased this year, a trend that has been apparent since Bulgaria joined the EU.

This year the group advised a German manufacturer on the operation of a factory in Bulgaria. and a company specialising in sports conferences on expanding their operations into Bulgaria. Most of their clients outside Bulgaria come from Germany, Austria, the UK and Ireland. Important sectors include real estate, financial institutions and retail.

Yordanova, Rizova & Partners comprises four fee-earners and is led by partners Svetlana Yordanova and Milena Rizova. They, formerly senior managers at Deloitte, established the practice just over five years ago. Yordanova also has nine years experience ... [more]

Yordanova, Rizova & Partners comprises four fee-earners and is led by partners Svetlana Yordanova and Milena Rizova. They, formerly senior managers at Deloitte, established the practice just over five years ago. Yordanova also has nine years experience at PwC while Rizova worked in the tax administration for a number of years.

Despite their small size the group has a sizeable market presence and advises a number of large multinational clients. "They are small in size but large in quality" said one partner. "I like them because they maintain good relations with their clients, that is how they have been able to attract so many big names."

Unlike many of their competitors the practice provides mostly consulting work and advises less on projects. The team is able to provide services across most areas of tax including VAT, corporate tax and real estate. The group is also developing its expertise in the area of customs to offer a more complete indirect tax service.

Tax litigation and dispute resolution work has increased this year. The team recently won a major case for a client on the issue of interest in arrears regarding the payment of customs. The team is also advising another client in a VAT dispute which concerns the application of the principle of neutrality to Bulgarian refund rules. A first judgment is due on this shortly.

The practice advises clients in most major global industries including energy, telecommunications, financial services, real estate and technology.

Baker Tilly Klitou is one to watch over the next few years. The tax practice is led by Krassimira Radeva and mostly provides support work for the firm's accountancy and audit practices. The practice is highly regarded by its peers and the firm is looking ... [more]

Baker Tilly Klitou is one to watch over the next few years. The tax practice is led by Krassimira Radeva and mostly provides support work for the firm's accountancy and audit practices. The practice is highly regarded by its peers and the firm is looking to expand its tax capabilities over the next few years.

The tax practice at Filipov & Partners is headed by founding partner Velin Filipov who is described as "leading name" within the Bulgarian tax market. An ex-Ministry of Finance professional where he advised on legislative changes to Bulgarian corporate ... [more]

The tax practice at Filipov & Partners is headed by founding partner Velin Filipov who is described as "leading name" within the Bulgarian tax market. An ex-Ministry of Finance professional where he advised on legislative changes to Bulgarian corporate tax law, he formed the practice in 2007 which has established a good foothold in the market since.

The practice offers a good range of general advisory services including some corporate tax work and tax disputes work, ranging from assistance during audits and also administrative appeals. The practice is particularly experienced in any dealings with the authorities and continues to deliver opinions to various tax commissions of the Bulgarian Parliament.

The firm has a good range of clients and often gets referral work from the larger accountancy firms and law firms. Clients they have worked for include a large confectionery company, a major Bulgarian bank, a large Bulgarian investment company and a global technology company.

Spasov & Bratanov's tax practice is led by Boyko Bratanov who is mentioned by as one of the leading tax lawyers in Bulgaria. The practice benefits from the strength of the firm overall and provides support work to the firm's other areas, especially the ... [more]

Spasov & Bratanov's tax practice is led by Boyko Bratanov who is mentioned by as one of the leading tax lawyers in Bulgaria. The practice benefits from the strength of the firm overall and provides support work to the firm's other areas, especially the M&A and energy teams.

This year Bratanov assisted a client in a large transaction involving the merger of a series of companies and their eventual listing on the stock exchange. He also worked on a large M&A deal for a subsidiary of a multinational company from an EU member state.

Wolf Theiss's tax practice is led by managing partner Richard Clegg and comprises six fee-earners. The practice is mentioned by other competitors for being particularly strong for M&A, capital markets and cross-border structuring work.Clegg advised an ... [more]

Wolf Theiss's tax practice is led by managing partner Richard Clegg and comprises six fee-earners. The practice is mentioned by other competitors for being particularly strong for M&A, capital markets and cross-border structuring work.

Clegg advised an asset management firm on the sale of a large Bulgarian company. The group deals with a lot of inbound work, especially from Austria, where the practice can benefit from the firm's strength there.