Category: <span>Legal Alerts</span>

New EU programmes in support of Bulgarian businesses

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 […]
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Epidemic Emergency Situation

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, […]
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Non-operating companies will be exempt from filing no activity declarations

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 […]
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New Law on Real Estate Loans

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 […]
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New Labour Migration and Mobility Act

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 […]
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New Accountancy Act

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 […]
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No FIT for biomass projects after 01.01.2016

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 […]
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High-qualified employment of foreigners

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 […]
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Amendments to the Energy Act

The latest amendments to Bulgarian Energy Act (“EA”) entered into force as at 24 July 2015. The announced purpose of the amendments is to improve the financial status of Bulgarian energy system by applying new measures for compensation of financial deficits in the National Electricity Company (“NEC”). Setting up of “Security of the Energy System” […]
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