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Taxation and compliance are key for success (Interview)

Our “Expert Tips” series continues with an interview with Radostin Deyanov – Manager and Attorney at Law at one of the Big Four accounting firms and a key Campus X partner PwC Bulgaria. Let’s get started.

1. Tell us about PwC Bulgaria and your role at the company? What challenges do you solve for your clients?

PricewaterhouseCoopers Bulgaria is part of a multinational professional services network of firms, operating as partnerships under the PwC brand. PwC ranks as the second-largest professional services network in the world and is considered one of the Big Four accounting firms. It operates in 157 countries, 742 locations, with more than 276,000 people.

I am a lawyer and manager in PwC Bulgaria. My field of expertise includes taxation, corporate and contracts, mergers and acquisitions, and regulatory processes.

I have been dealing with various projects helping Bulgarian clients doing business abroad and foreign clients doing business in Bulgaria.

2. What do you love the most about your job?

I love meeting with creative business owners and entrepreneurs who are doing daring and interesting projects.

My clients are my biggest source of inspiration. I love seeing people do great.

My clients are doing a fantastic job. They are the first tier in all the rankings in their businesses. They create extraordinary value, and I am honored to do my part of the job.

3. What are some of the top tips and tricks you would like to share with regard to Bulgarian IT businesses’ finances and taxation in 2021?

The most common advice, which I give to my clients, is to pay more attention to their finance and tax compliance.

It is interesting that sometimes managers give so little care to the finance and taxes of the firm they govern. Taxation and tax compliance are very important topics for each business, and they must be followed strictly.

Poorly conducted tax compliance could result in unpredicted tax assessments which will damage the liquidity of the company.

The more companies invest in tax, the bigger their payback will be.

PwC office at Campus X flexible offices and coworking, Sofia
PwC office at Campus X, Sofia

4. Based on your experience consulting international companies, what would you advise international businesses that are setting up their first office in Bulgaria?

Bulgaria is a suitable place for doing business with its low costs for taxes and labor, geographical location, economic freedom, and last but not least well-educated and multilingual workforce.

5.What's the impact of COVID-19 on the economy? How tech and non-tech businesses can emerge stronger in a post-pandemic world?

Undoubtedly, the COVID-19 pandemic had a tremendous effect on the economy.

The health measures taken for the fight with the virus changed people’s lives dramatically.

On the other hand, though the COVID-19 pandemic had a positive effect on the digital transformation of our society. The restrictive measures taken because of the pandemic led to the increased demand for digitalization of various personal and business processes such as digital communication, storage, and sharing of data, etc. These are only products provided by tech companies.

It will not be much to say that if it were not for the tech companies the pandemic would have had a much worse effect on people’s lives and businesses.

The expressions “the new normal” and “the world will never be the same”, which are often associated as a pandemic implication, are not only clichés but also true facts.

As a result of the COVID-19 pandemic, the world will continue to develop in terms of digitalization. This is the reason why tech companies will emerge stronger than ever before in the post-pandemic world.

6. Why did you decide to partner with and join the Campus X community?

Campus X is a project, which I have followed very closely. It is true happiness for me to be part of it.

The firm I represent is a major global complex business services firm and as such, it can help entrepreneurs at the beginning of their business endeavors as well as developed businessmen who have already managed to develop sustainable businesses.

Want to benefit from Campus X's flexible offices, world-class services and partners, and our tight-knit community of innovators? Learn more.


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