Archive for October 2011


EC: VAT WARNING FOR BULGARIA

October 28th, 2011 — 11:52am

The European Commission officially asked Bulgaria to amend its rules for claiming V.A.T., as they discriminate against tax payers who operate within the EU. If Bulgaria fails to amend them, the E.C. will inform the Court of the European Union.
In Bulgaria in case of audit, V.A.T is paid back only after the completion of the audit. The deadlines for auditing companies that operate within the E.U. from Bulgaria is twice longer than the deadlines for the auditing companies operating only in Bulgaria. If companies operating in the E.U. would like to claim their V.A.T. back before the completion of the audit, they must present a bank guarantee or security for twice longer period of time.
The European Commission has claimed that the reqrequest to change the rules is the second stage of the procedure for breaching the Euro directives.

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PROPERTY PRICES DROP

October 26th, 2011 — 1:43pm

In comparison with the second quarter of 2011 the property prices in Bulgaria have dropped by 0,8% according to the National Statistics Institute., mostly in 20 regional towns. The highest decrease was in Smolyan – by 4,7%, followed by Yambol – 4,25 and Pleven by 3.7%. The average property price for the country in the third quarter of 2011 was 901.32 levs/square metre. The highest prices were in Varna – 1 493.33 levs/square metre, Sofia – 1456.48 levs/square metre and Burgas – 1184.41 levs/square metre.

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GROWTH OF THE PROPERTY SALES

October 26th, 2011 — 1:42pm

The number of property sales in Bulgaria has increased for a third consecutive quarter in comparison with last year – 54 997 sales in comparison to 46 968 sales in the same quarter of 2010. The total number of the property sales in 2011 so far is 157 273, while in the whole of 2010 they were 182 376.

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BULGARIA – FINANCIAL STABILITY AND SLOWING DOWN

October 24th, 2011 — 10:43am

A Greek bank group has predicted that the Bulgarian economy will slow down due to the debt crisis in the Euro zone and the negative prospects for the recovery of the European and the US economies. The Eurobank EFG Group announced that in 2011 the growth of the Bulgarian GDP will be 3,5%. In their forecast for 2011 the predicted growth of 3,2% of the Bulgarian GDP has been revised to 2,9%.

According to the Greek bank group the Bulgarian economy is slowing down, despite being above the average levels for the EU in the last quarter of 2011. The major drive of Bulgaria’s growth is the export, but in the second quarter of this year, its volume has decreased in half in comparison with the first quarter. The Bulgarian export shall continue to decrease due to the worse conditions on the EU market – the main market of the country.

On the positive side the domestic demand is gaining speed and the investments have increased. According to the forecast the investments will keep increasing because of the privatization programme of the Bulgarian government and the improved use of the European funding. Bulgaria, according to the Eurobank EFG Group has not been affected by the debt crisis and has remained stable financially, and its credit rating has improved.

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PERSONAL TAX AMENDMENTS

October 14th, 2011 — 5:37pm

The Bulgarian Finance Ministry has prepared drafts of the amendments to the Law for the Personal Taxation. According to them, the taxes will be calculated only in levs, not in stotinki and employees who have two jobs and two employment contracts will not need to fill in tax return declarations.

According to the new amendments, profits from gambling and from the stock exchange will have to be included in the annual tax return declarations.

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