According to Eurostat data, Bulgaria’s tax-to-GDP ratio is among the lowest in the European Union. In 2023, the overall tax-to-GDP ratio for the EU, which included the sum of taxes and net social contributions as a percentage of gross domestic product (GDP), was recorded at 40%. This figure represents a decrease from 40.7% in 2022.…
In a significant move to boost business relations, ten business leaders in Bulgaria established the first Bulgarian-Czech Chamber of Commerce at a recent event held at the Czech Embassy in Sofia. The gathering was attended by Czech Republic Minister of European Affairs Martin Dvorak and Czech Ambassador to Bulgaria Miroslav Toman. The prominent Bulgarian PR…
For the first time, the money circulation in Bulgaria has surpassed 30 billion leva. According to the Bulgarian National Bank’s (BNB) publication “Overview of the Issue and Cash Activity”, the total value of banknotes and coins in circulation reached BGN 30 billion and 356 million as of the end of September. The number of banknotes…
In the first half of 2024, household electricity and natural gas prices in Bulgaria ranked among the lowest in the European Union, according to recent data from Eurostat. Overall, electricity prices for EU households showed a slight decline in the first quarter of 2024 compared to the same period in 2023, while Bulgarian households benefitted…
Bulgaria’s expenditure on importing Azerbaijani gas rose to 24.3 million euros in July, slightly up from 23.9 million euros in the same period of 2023, Eurostat, the European Union’s statistical office, reported. This marks a year-on-year increase of nearly 1.7% in Bulgaria’s gas import costs from Azerbaijan. Over the first seven months of 2024, Bulgaria’s…
The underground gas storage facility “Chiren” has reached its full storage capacity, according to an announcement by Bulgartransgaz. As stipulated by European Regulation 2017/1938, EU countries are required to ensure that gas storage facilities are at least 90% full as of November 1 each year to secure supply. For the second consecutive year, Bulgaria has…
Bulgaria’s Deputy Prime Minister and Finance Minister Lyudmila Petkova stated that the Ministry of Finance had developed various revenue and expenditure measures to keep next year’s budget deficit within 3% of GDP on an accrual basis. Following a meeting of the National Council for Tripartite Cooperation, Petkova confirmed that there were no planned tax increases…