PAYMENT OF SALARIES ONLY BY BANK TRANSFER
With State Gazette No. 66 of 01.08.2023 the obligation for employers with more than 100 employees to pay salaries only by bank transfer was introduced. The changes enter into force from 01.09.2023.
More specifically, the legislator introduces the...
Legal aspects of crypto-currency and their future regulation
What is crypto-currency?
The answer to this question is largely unclear at this moment, but still attempts have been made to define what exactly this new type of payment instrument is. One of the first attempts to define the concept dates back to 2015,...
PROPOSAL FOR INTRODUCTION OF NEW VAT RATES
On the 7th of December 2021 the European Commission announced on its website that the ministers of finance of the EU-member countries have reached an agreement to update the existing rules on VAT rates for goods and services.
Such reform has already been...
Global minimum tax
A hot topic in international tax law recently is the proposal of the Group of 7 for introducing a global minimum tax rate of 15%.
The G-7 proposal was approved also by G-20 in July 2021 and was officially adopted at the meeting in Rome. OECD has to draw...
AMENDMENTS OF THE VAT ACT IN CONNECTION WITH THE IMPLEMENTATION OF THE EU DISTANCE SALES RULES
Amendments of the VAT Act were introduced by State Gazette, issue 104 of 2020, for the purpose of implementing the EU rules concerning the distance sales of goods and services, introduced for the EU-member states by Council Directive (EU) 2017/ 2455 and...
ON THE CONDITIONS IN THE BULGARIAN LAW OF OBLIGATIONS
Can a resolutory condition which constitutes action or inaction of the parties to a contract be agreed?
Under Article 9 of the Obligations and Contracts Act: “The parties can freely determine the content of their contract as long as it does not contravene...
LEGAL BULLETIN II/2021
I. Acts and regulations for their application
Bill amending and supplementing the Anti-Money Laundering Measures Act
In SG Nr. 7 of 2021 was published the Law for amendment and supplement of the Law for the measures against washing of guards.
LEGAL BULLETIN – VII/2020
On 25.11.2020 Order Nr. RD-01-677/ 25.11.2020 was issued to the Minister of Health.
The order introduces the following anti-epidemic measures:
• Attended classes (including internships, internships, outsourced classes, exams, dual system of education) in...
LEGAL BULLETIN – VI/2020
Acts and regulations for their application
Law for amendment and supplement of the Civil Procedure Code
On November 9, 2020 in the State Gazette Nr. 98, an Act amending and supplementing the Civil Procedure Code was published.
The amendment to the Civil...
LEGAL BULLETIN – V/2020
Acts and regulations for their application
Law for amendment and supplement of the Civil Procedure Code
On November 9, 2020 in the State Gazette Nr. 98, an Act amending and supplementing the Civil Procedure Code was published.
The amendment to the Civil...
LEGAL BULLETIN – V/2020
LEGAL BULLETIN
Issue V/2020
I. International acts
Commission Regulation (EU) 2020/1434 of 9 October 2020
Commission Regulation (EU) 2020/1434 of 9 October 2020 amending Regulation (EC) № 1126/2008 adopting certain international accounting standards in...
LEGAL BULLETIN – ISSUE IV/2020
I. Acts and regulations for their application
Act on amending and supplementing the Gambling Act
On 04.082020 A law amending the Law on Gambling was promulgated. The changes are significant and can be divided into several directions.
The most significant...
LEGAL BULLETIN
I. Judgments of the European Court of Justice
Judgment of the European Court of Justice of 25.06.2020 in Cases C-762/18 and C ‑ 37/19
The European Court of Justice came up with its decision of 25.06.2020 in Cases C-762/18 and C ‑ 37/19, according to which...
LEGAL BULLETIN
I. Judgments of the European Court of Justice
Judgment of the European Court of Justice of 25.06.2020 in Cases C-762/18 and C ‑ 37/19
The European Court of Justice came up with its decision of 25.06.2020 in Cases C-762/18 and C ‑ 37/19, according to which...
LEGAL BULLETIN
LEGAL BULLETIN
I. Acts and regulations on their application
Bill for amending and supplementing the Foodstuffs Act
A new Food Act, in force since 09.06.2020, was published in the State Gazette No. 52 of 09.06.2020.
The new law introduces new requirements...
COVID-19
Following the adoption of the Measures and Actions during the State of Emergency Act, announced by a decision of the National Assembly of March 13, 2020, the following legal consequences for the duration of the state of emergency arise for the companies of...
TRANSFER PRICING DOCUMENTATION REQUIREMENTS IN REGARD WITH CONTROLLED TRANSACTIONS
On 05.11.2018 the Ministry of Finance introduced a bill for Amendment and Supplement of the Tax and Social Insurance Procedure Code.
The bill seeks to implement Action 13 of the Base Erosion and Profit Shifting actions (the so-called BEPS actions) of the...
AMENDMENTS OF THE TAX AND SOCIAL SECURITY PROCEDURE CODE (TSSP) RELATED TO THE AUTOMATIC EXCHANGE OF COUNTRY BY COUNTRY REPORTS
The Bulgarian Parliament adopted the draft amendments to the TSSPC regarding the automatic exchange of country by country reports (CbC reports) of multinational groups of undertakings (MGU), operating within several EU member states. The amendments are...
AMENDMENTS OF THE TAX AND SOCIAL SECURITY PROCEDURE CODE (TSSP) RELATED TO THIRD PARTIES LIABILITY FOR TAXES OR COMPULSORY SOCIAL-INSURANCE CONTRIBUTIONS OF LEGAL ENTITIES
The changes implemented by the Act Amending and Supplementing the TSSPC, promulgated in the State Gazette №63/04.08.2017 aim to improve and complete the existing provisions on third party liability concerning outstanding taxes and social security...
DRAFT AMENDMENTS OF THE VAT ACT WITH RESPECT OF THE LEASE AGREEMENTS
On the website of the Ministry of Finance are published draft amendments in order to adjust the tax acts in 2017. In the transitional and final provisions to the Act amending and supplementing the Excise duties and tax warehouses act is proposed the...
DRAFT AMENDMENTS OF THE VAT ACT WITH RESPECT OF THE COMMISSION AGREEMENT
On the website of the Ministry of Finance are published draft amendments in order to adjust the tax acts in 2017. In the transitional and final provisions to the Act amending and supplementing the Excise duties and tax warehouses act is proposed the...
DRAFT AMENDMENTS OF THE VAT ACT WITH RESPECT OF THE POSSIBILITY OF ADJUSTMENT OF CREDIT FOR INPUT TAX
On the website of the Ministry of Finance are published draft amendments in order to adjust the tax acts in 2017. In the transitional and final provisions to the Act amending and supplementing the Excise duties and tax warehouses act is proposed the...
QUESTIONS REFERRING TO THE APPLICATION OF ART. 141, PARA 8, SENTENCE 1 OF THE LAW OF COMMERCE IN PRACTICE
In §18 of the Final Provisions of the Law onthe Amendment and Supplements of the Tax-Insurance Procedure Code (Promulgated in the State Gazette issue No14, 15.02.2011) a new paragraph 8 has been added to art. 141 of the Law of Commerce concerning the...
SOME ASPECTS OF THE ASSIGNMENT OF IDEAL PART OF A COMMERCIAL ENTERPRISE
The term of the commercial enterprise is defined in art.15, para 1 of Commercial Act as the aggregate of rights, obligations and factual relations. Being such aggregate the commercial enterprise may be subject to assignment. However, what happens if only...
FORUM “INVESTMENT AND TRADE WITH BULGARIA”
On 13th March in Zurich, Switzerland Nelli Tascheva took part in the forum “Investment and Trade with Bulgaria”, organized by the Bulgarian Embassy in the Swiss Confederation and the Chamber of Commerce Switzerland – Central Europe with a lecture titled...
SUCCESSION WITH INTERNATIONAL ELEMENTS AND ITS NEW COMMUNITY LEGAL FRAMEWORK (REGULATION (EU) 650/2012)
* The original version of the present article is published in Volume VII of the collective work “Studies on International Law”, 2012, issued by the International Law Association – Bulgarian Branch. This summary is published with the kind permission of the...
PANEL DISCUSSION ON THE INVESTMENT OPPORTUNITIES IN BULGARIA
On the 4th of December 2012 Nelli Tascheva participated in a panel discussion on the investment opportunities in Bulgaria, organized in cooperation with Financial Times, the InvestBulgaria Agency and the Bulgarian Ministry of Economy, Energy and Tourism...
AUSTRIAN ECONOMIC MISSION “AUSTRIAN COMPANIES LOOKING FOR REPRESENTATIVES IN BULGARIA”
On November 7th – 8th 2012 in Sofia took place the Austrian Economic Mission – “Austrian companies looking for representatives in Bulgaria”, organized by the AdvantageAustria office in Sofia. 17 Austrian companies, looking for local...
THE POLICY OF TRANSFER PRICING IN BUSINESS TRANSACTIONS BETWEEN ASSOCIATE COMPANIES
Recently transfer pricing has become a particularly topical issue due to the increased incidence of adjustments and controversies as a result of the active measures for collection of budget revenue. This is understandable because when associate companies...
REGULATION (EC) NO 593/2008 (ROME I) AND THE UN CONVENTION ON CONTRACTS FOR INTERNATIONAL SALE OF GOODS (VIENNA CONVENTION OR CISG) – BRIEF ANALYSIS OF THEIR SCOPE OF APPLICATION
Contractual relationships with an international element (that part of the relationship which links it with the legal systems of two or more countries) are a means for the implementation of the civil and commercial turnover that itself has long outgrown the...
FESTIVE PHILHARMONIC CONCERT IN CELEBRATION OF THE DAY OF SOFIA
Festive Philharmonic Concert in celebration of the Day of Sofia held on the 16th September 2012 at the Bulgaria Concert Complex under the patronage of Ms. Yordanka Fandakova, the Mayor of Sofia and the Culture 2012 Program of Sofia Municipality. The...
THE ARBITRATION COURT AS AN ALTERNATIVE TO THE STATE COURT PROCEEDINGS
The Arbitration Proceedings offer a quick and effective procedure for the hearing of civil and commercial disputes. The Arbitration Court being a voluntary means of resolution of property disputes which the Parties cannot amicably settle between themselves...
MEASURES AGAINST THE LAUNDERING OF MONEY IN THE INSURANCE BUSINESS
As a member of the EU, Bulgaria has introduced all the significant norms of the EU law in its internal legislation. The Anti-Money Laundering Act stipulates a number of obligations affecting a considerable number of addressees, a big part of which are...
AMENDMENT OF THE PUBLIC PROCUREMENT ACT
Repeal of the Regulation on the Award of Small Public Contracts
The amendments to the Public Procurement Act repeal the Regulation on the Award of Small Public Contracts in order to reduce the number of different types of procedures for assignment of...
TRADE BANKRUPTCY IN BULGARIA: LEGAL PROBLEMS IN DEFINING THE STARTING DATE OF THE BANKRUPTCY
From the standpoint of legal theory the principle valid in bankruptcy is as follows: the moment the merchant falls into bankruptcy, respectively over-indebtedness – all his creditors form a particular group, namely that of the bankruptcy creditors of the...
CROSS-BORDER TRANSFORMATION OF TRADING COMPANIES WITHIN THE EU
Trading companies long since have passed beyond the borders of countries in which they have their registered office, central administration and principal place of business. Internationalization is gaining ground both in the sphere of activities and in the...
THE MOST RECENT AMENDMENTS TO THE LAW ON RENEWABLE ENERGY SOURCES
At the end of 2011 a second bill was introduced into parliament for the revision of the Law on Renewable Energy Sources. On 28th March 2012 the amendments in the law were voted at second reading, and they will be published in the State Gazette.
What...
THE NEW DOUBLE TAX AVOIDANCE TREATY WITH AUSTRIA
The new Double Tax Avoidance Treaty with Austria came into force as of 3 February 2011.
The Treaty applies to taxation at source of profits made on and after 1 January 2012. Concerning other types of taxes, the Treaty is applicable as of 1 January 2011.
In...
ON SOME ASPECTS OF THE ENVISAGED TAX ON FINANCIAL TRANSACTIONS
As is well known, as a result of the financial crisis ЕU’s two major member states – France and Germany exerted pressure on the European Commission to introduce the so called tax on financial transactions. Consequently, on 28th September 2011 the European...
HIGHLIGHTS OF THE MAIN LEGISLATIVE AMENDMENTS IN EFFECT FROM THE START OF 2012
With the start of the new year, the widely discussed and received with controversial responses Pension Reform also begins. It foresees an increase in the pension age and the necessary years of service. The length of service and pension age was pushed up...
SECURING A FUTURE ACTION
By making provision for relief of future claims by way of injunction, the Law provides the creditor with the possibility to secure in advance his future claims against a debtor. The purpose of the procedure is to prevent the debtor from disposing of the...
FROM 01.01.2012 ONWARD EU CITIZENS FREELY ACQUIRE LAND FOR A SECONDARY RESIDENCE AND BUSINESS PURPOSES IN BULGARIA
From 01.01.2012 onward the restriction to acquire land for a secondary residence or for business purposes is annulled for citizens of EU member-states, Norway, Iceland and Lichtenstein who are not permanent residents in Bulgaria, as well as for legal...
REGISTERED PLEDGES
The registered pledge is a means of securing the execution of legal obligations. From among the registered pledges the ones of the greatest practical importance are those provided for in the Law on Registered Pledges. The reason for that is the relatively...
LEGAL MEASURES LIMITING CASH PAYMENTS – ANOTHER ATTEMPT OF THE EXECUTIVE AUTHORITY IN BULGARIA TO LIMIT THE GREY ECONOMY
The enactment of the Limitation of Cash Payments Act as of 25th February, 2011 enforces limitation of cash payments in the territory of Bulgaria, in the event the value of the payments is equal to or in excess of BGN 15,000 or if the value is below BGN...
EUROPEAN ENFORCEMENT ORDER FOR UNCONTESTED CLAIMS PURSUANT TO REGULATION № 805/2004 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL OF EUROPE
The State, the Union, the citizens and their legitimate interests, or how the EU opens up new opportunities for the citizens of Europe
The present day legal framework of the European states and of the European Union provides for a rich variety of...
EUROPEAN ORDER FOR PAYMENT PURSUANT TO REGULATION NO 1896/2006 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL OF 12TH DECEMBER 2006
Reasons for introduction of the order for payment procedure
This procedure will make it possible for the creditor to claim his undisputed takings against debtors in all EU-member countries where the Regulation applies. The implementation of such legal...
INTERNATIONAL TRANSPORTATION OF GOODS BY ROAD
Every proprietor or commercial enterprise in Bulgaria which wishes to engage commercially in the international transportation of goods by motor vehicles of Bulgarian registration needs to obtain the so called Community License for the International...
BAN ON LEAVING THE COUNTRY IN CASE OF OUTSTANDING DEBTS OR STATE INTERVENTION IN PRIVATE LEGAL DISPUTES
The purpose of the execution process is the effective recovery by the creditor /claimant/ of his receivables. Subject to execution is all of the debtor’s property fitted for confiscation, and in the event there is no such property available there remains...
SOLID URBAN WASTE FEE
As the calendar year draws to a close, one of the topics invariably bound to become issues of the day is that of the changes in the tax legislation. Naturally, the question of interest to individuals and legal entities is the expected change to the size,...