In a significant decision, members of the Parliament have passed a bill extending the reduced VAT rate of 9% for restaurants until December 31, 2024. The amendment, discussed at its second reading, received 184 affirmative votes, with 7 against and two abstentions. Irena Dimova from GERB-UDF proposed these alterations to the Value Added Tax Act.…
Bulgaria grapples with a notable decline in its trade sector, as preliminary data from the National Statistical Institute (NSI) reveal a significant downturn in exports and imports during the initial ten months of 2023. The figures paint a sobering picture: Bulgarian exports of goods to both the European Union and third countries took a hit,…
Investments from the USA and Canada in Bulgaria surpass the country’s official balance of payments report findings, as per a recent Institute for Market Economy (IME) study spanning five years. The IME’s Chief Economist, Lachezar Bogdanov, highlighted that global companies from these regions often centralized their European operations in countries like the Netherlands or Switzerland,…
Newly released figures from Eurostat reveal a notable surge in Bulgarian air passengers, marking a 74% increase in 2022. Despite this growth, the nation holds the distinction of the EU’s second slowest rise, with Cyprus recording a slightly lower increase at 69%. The European Union, as a whole, experienced a remarkable upswing, with an average…
In the third quarter of 2023, the Bulgarian economy experienced a 0.4% growth compared to the preceding quarter, maintaining a similar growth pattern seen earlier. Announced by the National Statistical Institute (NSI), the economic expansion, measuring 1.8% annually, remains consistent with the previously estimated 1.7%, showing a slight decline from the 2% growth in the…
Discussions surrounding the state budget for 2024 are scheduled to kick off in the coming week during plenary sessions, with amendments to tax laws set for review on December 7, as confirmed by Finance Minister Assen Vassilev and National Assembly’s Budget and Finance Committee Chair, Yordan Tsonev. The decision for these discussions follows a meeting…
Bulgaria’s Finance Minister, Asen Vassilev, addressed concerns about potential fuel shortages following “Lukoil’s” deliberations on selling its business in the country. The reassurance came during Vassilev’s visit to the “Capitan Andreevo” border crossing alongside European Commissioner Mareid McGuinness. Vassilev clarified that the ministry had received prior indications of Lukoil’s contemplation of selling its Burgas-based refinery.…