Since January 1, 2008 the personal income tax rate here in Bulgaria was reduced to a 10% flat rate. Alongside sustained economic growth businesses are flourishing, consequently staff needs are rising, not just in terms of overall numbers, but increasing demands are being placed on employee working hours. The additional requirements now being placed on key human resource personnel means those basic duties such as the payroll function have become more of a burden on scarce time resources, not to mention the increased complexity associated with more part-time or permanent staff, but also new tax legislation and amended deadlines or requirements.
The optimal solution may often be outsourcing of this basic, but vital function, thus freeing up more time and resources to be directed towards your firms revenue-generating activities.
