On 01.06.2021 the latest amendments in the Labour Migration and Labour Mobility Act (“LMLMA”) and the Foreign Nationals in the Republic of Bulgaria Act (“FNRBA”) entered into force. The new rules have introduced significant changes in the procedures arranging the regime of residence and work of third country nationals in Bulgaria. The main changes concern […]
Bulgarian businesses will soon be able to take advantage of two new programmes aimed at overcoming the negative economic effects of the COVID-19 pandemic. The programmes are part of the Innovation and Competitiveness 2014-2020 Operational Program, in particular Support for the small enterprises having a turnover of over BGN 500,000 aimed at overcoming the negative economic effect of […]
On 14.05.2020 an Act Amending and Supplementing the Health Act came into force. By virtue of the approved amendments the Council of Ministers and the Minister of Health were authorised to undertake actions aimed at implementation of adequate anti-epidemic measures following the official lifting of the state of emergency. Following approval of the above-described amendments, […]
By amendments to the Accountancy Act promulgated in State Gazette No 92 dated 17.11.2017, all non-operating companies were released from the requirement to announce their annual financial statements. Instead, such companies were obliged to declare their lack of activity on an annual basis until 31 March of the year following the accounting period. By virtue […]
On 02 August 2016 a new Law on loans extended in relation to acquisition of real estate properties entered into force. By the said Law the regulations of Directive 2014/17/ EC of the European Parliament and the Council dated 04.02.2014 are being implemented in the national legislation. The Law applies for credit agreements concluded between […]
A new law regulating labour migration and mobility shall enter into legal effect on 21.05.2016 (“LMLMA”). Main goals of the new law The new LMLMA aims to harmonize Bulgarian legislation with the acts of the European Union in the area of free movement of employees and employment of foreigners – citizens of third countries outside […]
The list of professions for which there is a shortage of qualified employees in Bulgaria has been approved. The list has been issued on the basis of the latest amendments to the Ordinance on the terms and conditions for issuance and rejection of work permits to foreigners in the Republic of Bulgaria and more specifically […]
On 1 January 2016 a new Accountancy Act shall enter into force as it shall introduce numerous amendments and supplements to the existing regulations concerning financial statements, independent financial audit of Bulgarian companies, announcement of annual financial statements and regulatory periods for storing of accounting information 1. Categories of enterprises The new law introduces several […]
According to the current legislative provisions only new power plants which correspond to the below -mentioned requirements could benefit from the compulsory purchase of electricity at preferential prices. These are power plants with combined cycle and indirect use of biomass which shall be constructed in urbanized territories, agricultural sites and production area and a) Have […]
By virtue of amendments to the Ordinance on the terms and conditions for issuance and rejection of work permits to foreigners in the Republic of Bulgaria, which were promulgated in the State Gazette, issue 80, dated 16.10.2015, the legislator introduced certain amendments to the regime of high-qualified employment of foreigners. The purpose of the amendments […]