Employer Alert: WHISTLE-BLOWER PROTECTION SYSTEM
Employers are required to implement an internal Whistleblower Protection System by 17 December 2023 according to the Bulgarian law implementing Directive (EU) 2019/1937.
Employer Alert: amendments to the Bulgarian employment and social security law in effect as of January 2023
In anticipation of reaching a consensus on the adoption of the budget laws for 2023, the National Assembly took the necessary measures to ensure the operational activity of the state administration. The caretaker government, on its part, decreed an increase in the amount of the minimum wage. On 1 January 2023 a law extending the […]
Sanctions related to the military conflict in Ukraine: The impact on foreign entrepreneurs and ongoing transactions
The economic sanctions imposed on Russia and Belarus by numerous countries are intended to stop the military conflict in Ukraine and avoid the use of military force by NATO and the USA. Russia has responded with a few sanctions on foreign companies and restrictions on transactions or payment in foreign currency. Until this conflict is […]
COVID-19: Public gatherings for non-vaccinated restricted in Bulgaria as of 21 October 2021
New restrictions on public gathering in Bulgaria are in force as of 21 October 2021 as the 4th wave of the COVID-19 pandemic expands to the levels of the spring of 2020. They are imposed by an order of the Minister of Health within the frame of the state of epidemic emergency declared earlier in […]
Covid-19: Restrictions on public gathering in force in Bulgaria until 31 October 2021
From 7 September 2021 to 31 October 2021 events involving gathering of people are restricted with the view to prevent further acceleration of the COVID-19 pandemic in Bulgaria pursuant to Order RD -01-748/02.09.2021 of the Minister of Health. Conferences, seminars, symposium, trainings and other events are still allowed upon certain condition: use of no more […]
CRYTOCURRENCY: IS THE INCOME TAXABLE IN BULGARIA?
As digital money continues to gain popularity and supporters, Bitcoin and Ethereum regularly making global news, it might seem that the tax law is yet to regulate the proceeds of this seemingly innovative source of income. While business only recently started opening up to the opportunities related cryptocurrencies e.g. by accepting these alternative payments for […]
Bulgarian Anti-Money Laundering Act revised again: Fewer companies required to report
In line with the revision of the Anti-Money Laundering Act in January 2021 regarding wholesalers (Wholesalers no longer required to report), the scope of the compliance obligations is further reduced with the next amendment announced today (State Gazette, issue 21 of 12.03.2021). The aim of the legislator, as with the previous revision, is to increase […]
Covid-19: New state aid at the amount of EUR 25 000 is now available to the small enterprises
On February 22, 2021 the Managing authority of Operational Program Innovation and competitiveness announced the start of the projects’ selection under the Procedure “Support for small enterprises with turnover exceeding BGN 500 000 to overcome the economic impact of the Covid-19 pandemic”. The applications may be submitted until 15th March. The procedure aims to provide operating capital to the small enterprises in Bulgaria who have realised a turnover of BGN 500 000 for […]
New obligations for the employers are being discussed
As of 1 March 2021 employers will be required to notify the National Revenues Agency about the grounds of the employment termination, as well as about secondment or posting their employees to work temporarily in another EU country as per Article 121a, Para 1, item 1 of the Labour Code according to a bill for […]
The Bulgarian Anti-Money Laundering Compliance Regime is no longer applicable to wholesalers
The Bulgarian Anti-Money Laundering Act is amended to remove the wholesalers as a category of legal entities, which are required to comply with a special regime of investigating and reporting business partners to prevent money laundering. The revision is published in the State Gazette № 7 on 26.01.2021. The purpose of the revision is to […]
