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 […]
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” […]
Bill for amendments of the Labour Code has been published in State Gazette, Issue 54. The amendments to the Labour Code entered into force on the date of their promulgations, 17 July 2015. The employer shall be entitled to terminate unilaterally with a prior written notice the employment contract with an employee, who has acquired […]
Bulgarian parliament adopted a new Energy Efficiency Act on 30 April 2015 implementing the provisions of EU Directive 2012/27/EC on the energy efficiency and introducing new measures for increase of the energy efficiency for the purpose of achieving the national targets for energy efficiency New measures for increase of energy efficiency In order to sustain […]
By virtue of amendments of the Ownership and Use of Agricultural Land Act (OUALA) dated 20 February 2015 the legislator introduced solid sanctions in case of breach of the restrictions concerning ownership over agricultural land provided for: Bulgarian companies having as direct or indirect shareholders foreign companies registered in jurisdictions with preferential tax regime; Bulgarian […]
Bulgarian Parliament approved amendments to the Commercial Register Act (CRA), with which our legislation adopted the provisions of Directive 2012/17/ЕU concerning the interconnection of central, commercial and companies registers within EU. Pursuant to the provisions of Directive 2012/17/EU the commercial registers of the Member States shall be interconnected by a European central platform transferring information […]
In 2014 with amendments to the Ownership and Use of Agricultural Land Act (OUALA) the legislator reduced the opportunities for foreign individuals and legal entities to acquire agricultural land in Bulgaria. More specifically, the prohibition on ownership over agricultural land was imposed on: Bulgarian companies having as direct or indirect shareholders foreign companies registered in […]