The ban on a lawyer to be a manager in a commercial company, as well as executive director of a public limited company was lifted, the Parliament adopted at first reading
The ban on a lawyer to be a manager in a commercial company, as well as executive director of a public limited company was lifted, the Parliament adopted at first reading.
A legal possibility is created for the exercise of legal activity through a single-member law firm.
The deputies unanimously approved with 86 votes for the amendments to the Law on Advocacy submitted by Iglika Ivanova-Sabeva and deputies from GERB. The amendments give every lawyer the right to choose whether to pursue a legal profession as a natural person and to tax their income in accordance with the Income Taxes on Natural Persons Act (ITNPA) or to pursue their profession through a single-member law firm, thus being able to benefit from the tax regime for taxation of the income from legal activities under the Corporate Income Taxation Act (CITA).
When taxing the revenues under the CITA all expenses actually committed for the activity of the lawyer may be deducted from the revenues from the activity, without the existing limit for the statutory recognized expenses under the ITNPA, indicate the importers. They also note that the abolition of the ban on a lawyer being a manager in a commercial company is driven by the development of public relations and aims an alignment with the existing rules in a large part of the European Union countries.