17 June 2008Bulgaria's GDP registers a 7% growth
Bulgaria's economy made a flying start in 2008. The GDP hit a 7-% growth in the first three months of 2008, the National Statistical Institute (NSI) reported. This is an excellent precondition for high economic growth throughout the whole 2008. A very high growth of 7.3% was also registered in the second trimester of 2007 but the poor harvest in 2007 and the slowdown of Bulgaria's economy in the summer reduced the annual economic growth to 6.2%. This year, Bulgaria expects a very good crop.
The GDP for the first trimester of 2008 amounts to 13,483 billion levs (1euro=1.95levs), which is 1,760 levs or USD$ 1347,9 or 900 euro per capita. Regardless of the high economic jump in this index, Bulgaria and Romania still occupy the last 2 places in the EU.
06 June 2008US Investors in Bulgaria to Pay Lower Taxes
The US companies and private persons who make investments in Bulgaria will pay lower taxes. This is provided in the agreement for dual taxation avoiding between Bulgaria and the USA. US President George W. Bush has sent a letter to the Senate, in which he asks the senators to ratify the agreement, so that it can come into force, as the Bulgarian MPs already passed the document.
Te dual taxation avoiding agreement provides a five-percent tax on the interests and the royalties paid by Bulgarian firms to US companies. The same tax will be levied on the dividend, paid by Bulgarian companies to US shareholders.
The US pension funds, which have decided to invest in Bulgaria, will also take advantage of taxation preferences - the interests and dividends paid by Bulgarian firms to US pension funds will be tax exempt.
The agreement also regulates the exchange of information between the taxation and investigating authorities in Bulgaria and USA.
06 June 2008Bulgaria PM: Impossible to Lower VAT This Year
It is going to be impossible to lower the Value Added Tax (VAT) in 2007, according to Bulgarian Prime Minister Sergey Stanishev, who spoke at the meeting for the establishment of a National Committee for the Celebration of the 100 Anniversary of Bulgaria's Independence. Just days ago rightist parties proposed that the VAT is lowered by 2% in 2008. Stanishev explained that such decision cannot be made just by Bulgaria and each economy measure had to be carefully examined in relation to its future influence on the state budget's revenue. The budget's revenue comes mainly from VAT and excises.
In addition, Stanishev pointed out that it was too early to say if VAT would be lowered in 2009.
06 June 2008Bulgaria Ranks Among Top 10 Reformers
Bulgaria was officially accepted in the "Reformers' Club of the World Bank" at an official ceremony held in New York. The club's membership includes countries that have made serious changes in the course of the last few years in order to facilitate business. According to a research conducted by the World Bank focused on ways to execute business in over 200 countries, Bulgaria ranks among the 10 biggest reformers mainly due to tax reductions.
22 May 2008More Corporate Tax Declarations Filed in Bulgaria
The National Revenue Agency reported that until the end of March there are 34% more corporate tax declarations filed in Bulgaria compared to last year.
According to the Agency, the increased number of declarations shows that companies in Bulgaria are coming out of the "grey" sector.
Another reason is said to be the improvement of business climate, as well as the abolition of patent tax for corporate bodies.
In 2008 the standard corporate tax in Bulgaria is 10% and a flat income tax rate of 10% was also introduced.
05 December 2006MINIMAL SALARY IN BULGARIA TO REACH 180 LEVA IN 2007
The national council for tripartite co-operation approved a proposal for increase of the minimal salary to 180 leva from January 1 2007.
Currently the minimal salary in Bulgaria is 160 leva. The proposal is for an increase of 12.5 per cent, a Council of Ministers press release said.
The minimal hour wage would be increased from 0.95 to 1.07 leva per hour.
On November 13 2006 the leaders of the Bulgarian Socialist Party (BSP), National Movement Simeon II (NMSII) and Movement for Rights and Freedoms (MRF), the parties in Bulgaria's ruling coalition, already took the political decision for the minimal salary increase.
The initial draft budget for 2007 said that the minimal salary will rise to 170 leva.
In order to conduct commercial activity and be able to acquire real estate property, foreign physical and juridical persons have to register a company in Bulgaria. Usually the most appropriate type of firm is the Limited Liability Company. The place of the company's commercial court registration need not coincide with the location of your firm or property. Our main office in Plovdiv and our offices in Sofia . Burgas and Slantchev Briag (Sunny Beach) are at your service.
We can register your firm in a Bulgarian court.In case you do not have a permanent address in Bulgaria or you are going to be absent for longer periods of time, you can use the address of our office for registration and commercial activity purposes. As long as you send us a power of attorney that is certified by the Bulgarian consulate authorities, we can initiate the procedures without your presence in Bulgaria. We will send you all the forms you need to fill in via Internet and you can post the signed documents back to us.
The court registration procedure requires the opening of a bank account in which the minimum initial capital of the company - 5,000 lv (leva) - will be deposited. We can organize all bank operations on your behalf.
After the court registration we will register your firm in the Registry Agency and all subsequent mandatory institutions.
We will prepare and execute the registration procedure in a way that excludes any doubts or opportunities for fraud or illegal activity.You are going to pay our fees after you have received official copies of the registration documents.
Q & A
Here we are going to publish our opinions, Q&A concerning accounting and financial problems, Bulgarian legislation as well as discuss the pros and cons of dealing with the Bulgarian administration.
We will be happy if you send us your opinion, question or problem.
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Firms registered in Bulgaria are obliged to do bookkeeping and accounting.
Every functioning company with revenues and expenses has to pay and declare pension and health insurance fees for its owners on a monthly basis.
We are in a position to supply reasonably priced accounting services for firms that are conducting commercial activity within Bulgaria or dealing with foreign trade.
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