Foreign investors in Bulgaria

foreing investors in BulgariaA small country but yet an interesting destination attracting many foreign investors. Bulgaria is a small country but a real hidden gem when it comes to economical growth. The last years the Bulgaria gets more and more attractive for foreign companies to extend in it. Some of the numerous benefits are low tax rates, developing infrastructure, strategic location, more flight connections to different countries, culture, good climate, delicious food, and these are just some of the few benefits why it is interesting to start a business in Bulgaria.

The largest number of foreign investors at the moment are from Western Europe and the USA. Some of the branches there are involved like: trading, production, finance, IT, electronics, transport, etc.

Investors from Germany include: SAP, Kaufland, METRO, HIT, Willi Betz, Lufthansa Technik GmbH, Siemens, Allianz, Lidl, Liebherr Hausgeraete, ABB, Tengelmann Konzern, Hamberger, Ixetic, Rollmann & Partner, Eichhoff Electric GmbH, Nemetschek AG. There are also some English companies like: Shell, Boyar International, Karbo Ltd, William Hughes, Imperial Tabacco Group Plc.

Other foreign investors come from France (Societe Generale, Carrefour, Schneider Electric, Montupet SA); Austria (Telecom Austria, Eurobilla, OMV, Raiffeisen Bank, Bramac, Palfinger); Switzerland (Nestle, ALPIQ Holding Group, Adecco, Holcim, Socotab); USA (Microsoft, IBM, Johnson Controls, Hewlett Packard, AMIS, News Inc, Sutherland Global Services, Kraft Foods); Japan (Yazaki, Mitsubishi Heavy Industries, Tokushukaial Corp); Italy, Spain, Hungary, Czech Republic, Russia.

These are only a few of the large companies but there is one thing for sure – the number of investments is growing fast. Definitely a good destination to invest some time and money in. Most likely there will be more foreign investors coming to Bulgaria the next years.

If you are interested to get to know better the tax laws and requirements, or just start your own company in Bulgaria –  Contact us

Source: http://www.investbg.government.bg/bg/pages/latest-data-about-investments-in-bulgaria-211.html

Happy Holidays from Bulgaria!

Happy Holidays

Happy Holidays!  2015 has been an exciting year for Aidos. We started the year with celebrating our 10th anniversary. But that was not all, early July we moved to a new office, bigger and brighter. (…we are not planning to move in 2016…) From April we started with yoga and pilatus lessons for our staff, the results are amazing!

Our team grew to over 20 people and since September we have a representative office in Greece.

Our colleague and partner Bozhidara is now a registered lawyer, you can rely on her for all your legal questions. We will let you know when she is ready with her own website.

Just before the end of the year we acquired a participation in the company Virtual Assistants, we are looking forward to develop this brand and its services. More about this in one of our future newsletters.

Check out our holiday calendar when planning your trip to Bulgaria. Our traditional desk calendars are ready, pass by to pick up yours, or download the digital version here.

We want to thank you! For working with us, for your trust. We are looking forward to see you again in 2016!

Daniela and Henk,
The Aidos team

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Public Holidays Bulgaria 2016

Holidays Bulgaria 2016

holidays bulgaria 2016Finally the sunny days are over in Bulgaria. A good time to start thinking about and planning your holidays for 2016.

In many cases the days between the public holiday and the weekend are given as days off, and then compensated by a working Saturday later or earlier in the month. This goes for the the whole country on decision by the Government.

Here you will find an overview of the public holidays Bulgaria 2016, the most important name days and the school holidays in Bulgaria. And don’t forget, 2016 is a leap-year we have one more working day in 2016!

The Christmas holidays for this year (2015) are from December 24th till December 27th. The coming New Year’s holidays are from December 31st 2015 till January 3rd 2016. There will be one more working Saturday on December 12th this year.

The public holidays Bulgaria 2016

January 1st – New Year’s day
March 3rd – Bulgaria’s Liberation day (holidays from March 3 – March 6; and a working Saturday on March 12)

“On March 3rd Bulgaria celebrates the regaining of its freedom after being ruled for about 500 years by the Ottoman Empire. On this date, following a major military campaign lead by Russia against the Ottoman Empire in 1877-78, a peace treaty was signed in San Stefano, which led to the formation of modern Bulgaria.”

May 1st, 2nd – Easter

“On this day orthodox Christians mark Easter and the resurrection of Jesus Christ. Bulgarians celebrate it by having traditional Easter cozonac (a kind of sweetened bread) and decorating boiled eggs.”

May 1st – Labour day
May 6st – Saint George’s Day

“It is the official Bulgarian Armed Forces Day. It is celebrated as such all around the country and a traditional military parade is being organized every year in Sofia, the capital.It is also the most celebrated name day in Bulgaria.”

May 24th – The day of Bulgarian enlightenment and culture and the Slavic literacy. (holidays from May 21 – May 24; and a working Saturday on May 14)

“On this day Bulgarians celebrate the work of Saint Cyril and his brother Saint Methodius. They invented the first Slavic alphabet – the Glagolitic alphabet, which later became the Cyrilic alphabet, now used all around the Slavic world.”

September 6th -Unification Day (holidays from September 3 – September 6; and a working Saturday September 10)

“On this day Bulgarians celebrate the unification of Eastern Rumelia with the neighbouring Principality of Bulgaria back in 1885 thus forming modern Bulgaria.”

September 22nd – Independence Day Bulgaria (holidays from September 22 – September 25 and a working Saturday on September 17)
December 24th – Christmas eve

“Christmas eve is when the entire family gathers around the table. In Bulgaria Christmas eve is a bigger event than Christmas itself. Tradition dictates that there should be an odd number of meals on the table and all of them without meat, or any other animal products. This marks the end of 40 days of fasting.”

December 25th, 26th – Christmas
December 31st – New Year’s eve

School holidays 2015/2016

Christmas holidays
December 24,  2015  – January 3, 2016

Winter holidays
January 30, 2016  – February 7, 2016

Spring holidays for 1st – 11th grade
April 2, 2016 – April 10, 2016

Spring holidays for 12th grade
April 2, 2016 – April 4, 2016

When does the school year ends?
1 grade  – 24th of May 2016
2 – 4 grade – 31st of May 2016
5 – 8 grade – 15th of June 2016
8 grade – classes with intensive study on foreign language accepted after 7th grade
30th of June 2016
9 – 11 grade – 30st June 2016
12 grade – 13th of May 2016

Most important name-days in Bulgaria

Bulgaria has a strong tradition in celebrating name-days. It is common that you congratulate a person having a name day and often special celebrations are held. See here the most important ones.

  • January 1st – Vasilovden
  • January 6th – Jordanovden
  • January 7th – Ivanovden – St. John the Baptist
  • January 18th – Atanasovden – St. Athanasius of Alexandria
  • February 28th – Todorov den
  • The sixth Sunday after the Great Fast – Cvetnitsa
  • May 6th – Gergyovden
  • October 14th – Petkovden
  • October 26th – Dimitrovden
  • December 6th – Nikulden
  • December 27th – Stefanovden

A complete list of all the name-days you can find here.

 

Lottery with cash-receipts in Bulgaria

Lottery with cash-receipts in Bulgaria

cash-receipt

On November 16th the Bulgarian National Revenue Agency (NRA) started a Lottery with cash-receipts. The lottery will go on for one year – up until December 11th 2016. This initiative is to serve as motivation for the people to claim their official cash-receipts following purchases in shops and restaurants and other service-providing establishments. This way the NRA hopes to get more control over the turnover of the Bulgarian companies. The Agency has launched a website dedicated to the lottery game, Lottery with cash-receipts, where you can register every cash-receipt that you have, regardless of the service, the product, or the cost.

A total of 65 prices will be given away in the course of the year. Once per week a smartphone will be given away, once per month a smart television, and the jackpot at the end of the lottery: a car. The weekly winners of the Lottery with cash-receipts are to be announced every Sunday on Bulgarian National Television in the program “The day starts with Georgi Liybenov”. The monthly winners are to be announced on the last Sunday of every month.The first owner of a brand new smartphone will be announced on 20th of December this year. The first monthly winner will be announced on January 10th 2016. The winner of the car, will be announced on December 11th 2016.

In order to participate in the lottery you first need to create a personal account at the website of Lottery with cash-receipts. A single cash-receipt can be added by multiple users, so if you are a family you can make few personal profiles and add the same receipt. This way your chance of winning will get higher. The information you should enter from the cash-receipts is: date, hour, and the amount of the receipt .

To participate in the lottery you must be a Bulgarian citizen, minimum 14 years of age. You may enter as many cash-receipts as you wish. Every other cash-receipt increases your chance of winning. Only cash-receipts issued between November 16th 2015 and December 11th 2016 are valid. The cash receipts must be official, they should have printed on them “Фискален бон”. Be aware of any kind of receipts without “Фискален бон” printed on them or when you are not given a cash-receipt at all. It is actually the duty of the customer to request the proper cash-receipt. Furthermore it is important that you keep the cash-receipts that you enter, until the end of the lottery in order to prove your entry in case you win.

More information and terms you can find on the website of Lottery with cash-receipts.

Good luck with collecting cash-receipts!

(By Sava Saavedra and Radoslav Kostadinov)

Holidays Bulgaria in 2015

Holidays Bulgaria in 2015Holidays Bulgaria

January

Non-working days;
Thursday – January 1st (New Year’s day), Friday – January 2nd (Extra day)

Working days;
Saturday – January 24th (For January 2nd)

March

Non–working days;
Monday – March 2nd (Extra day)
Tuesday – March 3rd (National holiday)

Working days;
Saturday – March 21st (For Monday, March 2nd)

April

Non–working days;
Friday – April 10th (Good Friday)
Monday – April 13th (Easter)

May

Non–working days;
Friday – May 1st (Labour Day)
Wednesday – May 6th (St George’s Day)

September

Non–working days;
Monday – September 21st (Extra day)
Tuesday – September 22nd (Independence Day)

Working day;
Saturday – September 12th (For September 22nd)

December

Non–working days;
Thursday – December 24th (Christmas Eve), Friday – December 25th (Christmas Day)
Thursday – December 31st (New Year’s Eve)

Working day;
Saturday – December 12th (For December 31st)

Total working days per month;

January 21
February 20
March 21
April 20
May 19
June 22
July 23
August 21
September 21
October 22
November 21
December 21

Find here an overview of the public holidays Bulgaria 2016

 

Accountants Bulgaria: Who is Aidos?

Aidos – Accountants Bulgaria

Welcome to the website of Aidos – Accountants Bulgaria. We are a company dealing with the administration part of your business. Our services include: bookkeeping & accounting, payroll, VAT and tax preparation and company registrations.

We choose our website to be in a weblog format. In this way we are aiming to create a continuously refreshing and growing knowledge base. Below here you’ll find posts on topics related with doing business in Bulgaria, changes in the law, introductions of our clients and more, what we think may be of interest for you. By following the links in the right hand menu you can find more information about us, our services, or on specific subjects. When you feel something is missing just let us know and we will add it.

When you cannot find here what you are looking for, don’t hesitate to contact us or leave a comment on the website.

Thanks for visiting us here!

The Aidos team

accountants bulgaria

Holidays Bulgaria 2014

 

Holidays Bulgaria 2014

Holidays Bulgaria 2014 

 

Holidays Bulgaria 2014

January 1 – New Years day
March 3 – Liberation day
April 18, 19, 20 – Easter Holidays
May 1 – Labor day
May 6 – St. George’s day
May 24 – Day of Bulgarian Education and Culture and Slavonic Literature
September 6 – Unification Day
September 22- Independence Day
November 1- National Revival Day (only for schools)
December 24, 25, 26 – Christmas
December 31 – New years eve

Days off and working Saturdays Bulgaria 2014

January
1 January – New Years day,

March
3 March

April
18 April

May
1/6 May – May 2 and 5, non-working days, to be compensated on Saturday May 10 and Saturday May 31.
24 May

September
22 September

 December
24/26 December – Wednesday – Friday
31 December  – Wednesday. This day will be compensated on Saturday December 13, 2014

 

Public Holidays Bulgaria 2013

Public Holidays Bulgaria 2013

 

 

Public Holidays Bulgaria 2013

Public Holidays Bulgaria 2013

 

 

 

 

 

 

 

 

 

 

Public Holidays Bulgaria 2013

Januari 1 – New Years day
March 3 – Liberation day
May 1 – Labor day
May 3 – 6 – Easter Holidays
May 6 – St. George’s day
May 25 – Saints Cyril and Methodius day
September 6 – Unification Day
September 22- Independence Day
November 1- National Revival Day (only for schools)
December 24, 25, 26 – Christmas
December 31 – New years eve

Days off and working Saturdays Bulgaria 2013

January
1 Januari – New Years day (Tuesday), Monday December 31, 2012 is a non-working day, which will be compensated on Saturday December 15, 2012.

May
1/6 May – May 2, non working day, to be compensated on Saturday May 11.
May 24 – Friday

September
September 6 – Friday

December
December 24/26 – Tuesday – Thursday
December 31 – Tuesday. This day will be compensated on Saturday December 14, 2013

New office for Aidos Accountants Bulgaria

Adios – Accountants Bulgaria is growing. After running our operations for years from the house at Racho Dimchev, it now became time to move ahead.

We have found a nice new place not far from where we are located now near Boulevard Vitosha. Our visitors can still use the same parkings on the corner of Racho Dimchev street and William Gladstone street.

Our new office address is:

37 William Gladstone street
1000 Sofia.

We will be available on the new address from Monday July 9, 2012

All the telephone numbers and emails will stay the same.

Aidos – Accountants Bulgaria is a company dealing with the administration part of your business. Our services include: bookkeeping & accounting, payroll, VAT and tax preparation and company registrations.

We choose our website to be in a weblog format. In this way we are aiming to create a continuously refreshing and growing knowledge base. Below here you’ll find posts on topics related with doing, business in Bulgaria, changes in the law, introductions of our clients and more, what we think may be of interest for you. By following the links in the right hand menu you can find more information about us, our services, or on specific subjects. When you feel something is missing just let us know and we will add it.

When you cannot find here what you are looking for, don’t hesitate to contact us or leave a comment on the website.

Thanks for visiting us here!

The Aidos team

Business process outsourcing

Business process outsourcing Bulgaria

The term service outsourcing and business process outsourcing are relatively new and to some it is still new and unknown in Bulgaria. Nowadays, Bulgaria tries to develop and get into this market niche. Foreign investors are already making huge investments in Bulgaria, outsourcing their services here.

The country is more and more often presented in international classifications and charts as an attractive destination for call center services and busines process outsourcing. The consultants from Deloitte, who were hired by Bulgarian government, recommended that our country should focus on three perspective spheres for attracting of foreign investors, one of which is business process outsourcing.

The Beginning for Bulgaria

 

Most business activities outsourced to Bulgaria are in the call center service sector, such as data processing, lead generation, foreign customer support provided by call centers and software development. Regardless of which type of call center services or business process outsourcing we are talking about, the benefit for Bulgaria remains the same – the country attracts businesses which India, China and other East European countries compete for.

There is no official statistics announced for the call center services and business processes outsourcing to Bulgaria. There is a constant tendency of growth in this segment. The interest and the number of foreign investors inquiries increases as well.

Services, offered by the call centers:

Call centers offer a broad range of outsourcing services and business process outsourcing which can be classified as follows:

Database processing: Data entry; Data cleaning;
Document management: Documents’ scanning and indexing;
Order taking: Live and online via Internet;
Outbound calls:

  • Telemarketing;
  • Lead Generation;
  • Market researches;
  • Telephone presentations;
  • Meetings’ organization;
  • Customer satisfaction surveys and many others.

Advantages of the Call Centers in Bulgaria

The worldwide competition is violent for the last few years and Bulgaria is not among the leaders. According to different international researches, the country has a potential of becoming a serious participant in the competition for similar projects.

The representatives of the foreign business, who had already made investments in the country, explain that Bulgaria is attractive for call center service outsourcing and other business process outsourcing, because the country is close to Western Europe, it has relatively low remuneration and salary standard and well qualified personnel, especially concerning language skills.

The location is one of the biggest advantages due to the variety of convenient routes for travels of the management team for center monitoring and management. In addition, we should mention as another advantage the important fact that Bulgaria does not have problem with the technical infrastructure, including traditional and internet-based telecommunication services.

Bulgaria is stronger in attracting outsourcing services and business process outsourcing for European clients. The reason is that here are not only professionals with perfect English proficiency but also with other European languages in our country. Furthermore, the time difference between Bulgaria and other countries of the continent is smaller.

According to the bigger part of the industry representatives, the direct competitors of Bulgaria are Czech Republic and Romania. The most serious East European competitors are Slovakia, Hungary and Poland. There are also other competitors on the market map: Baltic Republics, Russia and Ukraine.

Globally, the biggest business deals for call center services and business process outsourcing are made with India and China. The trend shows outflow from these counties in favor of Bulgaria. The reason is the linguistic capabilities of the Bulgarian staff and the fact that the Bulgarian culture is closer to the European countries.

In financial aspect, the result of the competition is also positive and in favor of Bulgaria. The advantage is in the working time which is closer to that in Europe, because the time difference between Bulgaria and United Kingdom is 2 hours, and with India is far much more.

The Future

Almost all forecasts are oriented to the forthcoming mini bang of the call center services outsourced to Bulgaria in short, middle and long-term. Most of the foreign representatives who already invested in Bulgaria speak about constant inquiries of other foreign clients, especially for call center services.

There is a tendency for call center services outsourcing in other business spheres as well. Many companies look for a proper place to outsource computer animation as stated by the industry representatives.

Having in mind the expected business development of the call center service outsorcing market niche, it is a good idea that Bulgarian universities start programs in Direct Marketing as it is done in Western Europe (for example in Germany). In this way, there will be more professionals and experts to meet the business needs and specific requirements of the business investors in Bulgaria.

Please contact us when you would like to receive more information on the possibilities of outsourcing to Bulgaria.

Job vacancy for accountant in Sofia

Our company is continuously growing. We currently have a job vacancy for an accountant in Sofia.accountant in Sofia

We are looking for an experienced, active and flexible person for all activities related with accountancy/bookkeeping, and taxes.

The software we work with are Business Navigator and Micro invest. A professional level of English is a must, but also other languages are welcome. Part-time work is a possibility.

When you are interested, please send your CV to jobs@aidosbg.com before April 30st, 2012

Buying Property in Bulgaria

Buying property in Bulgaria is popular. But before doing so it’s worth reading the article below by James Flint, Sofia Casa.

Free Snagging Master-class! (Off-plan Residential Construction in Sofia)

Before I go to snag an off-plan property during the build or at completion stage I have a checklist of common defects that I have witnessed over and again during my 8 years on the job here in Sofia. I can almost guarantee that to some degree or other I will find many of the defects listed below when I go on site to perform due diligence for my clients. When I uncover a gem of a build that avoids most of these defects I am almost overwhelmed with admiration towards the Constructor/Developer as its such a rare occurrence and entails a lot of attention to detail planning and daily control on the site, sadly lacking on all to many off-plan builds here in Sofia, Bulgaria!

The checklist below is not light reading, no apologies there, it is designed to help buyer’s know what to look out for before they make final stage payment for handover on completion. Send your representative or go yourself armed with this checklist to inspect for defects and ensure that the state of completion is satisfactory. Get the developer to rectify as many defects as you can before you succumb to the lawyer or agent’s pressure to make you pay that last tranche!

Find the full article and checklist here.

For due diligence services in Sofia contact James Flint, Director, Sofia Casa Ltd.

HP: +359 (0) 897 684 208
Tel:+359 (0) 2 953 01 16
Fax:+359 (0) 2 953 01 16
@insidebulgaria
@sofiacasa

Public holidays in Bulgaria 2012

Here an overview of the public holidays in Bulgaria, the days off and the working Saturdays for 2012.

Public holidays Bulgaria 2012

Calender by courtesy of http://skolev.com/

Public holidays

January 1 – New Year
March 3 – Liberation day
April 13, 14, 15, 16– Easter
May 1 – Labor Day
May 6– St. George’s
May 24 – Saints Cyril and Methodius day
September 6 – Unification Day
September 22- Independence Day
November 1- National Revival Day (only for schools)
December 24, 25, 26 – Christmas

Days off 2012 and working Saturdays

January
Days off – 31 December (2011), 1 and 2 January. 2 January compensated on Saturday 21 January
April
Days off – 13, 14, 15, 16, 28, 29, 30 April. 30 April compensated on Saturday 21 April
May
Days off – 1, 24, 25, 26 and 27 May. 25 May compensated on Saturday 19 May
September
Days off – 6, 7, 8 and 9 September. 7 September compensated on Saturday 29 September
December
Days off – 22, 23, 24, 25 and 26 December
New years eve
29, 30, 31 December. 31 December compensated on Saturday 15 December

IWC Charity Bazaar Sofia

This year’s IWC (International Women’s Club) Charity Bazaar will be held for the 17th time. It will take place on the 4th December from 11.00am until 5.00pm at the Inter Expo Centre Sofia. (Blvd. Tsarigradsko Shose 147)

Last year’s Bazaar was very successful. Around 50 countries participated, over 8000 visitors were passing by and a sum of BGN 300 000 was raised. The Dutch stand alone generated over BGN 10 000, one of the best selling tables. The entire amount was used to support charity projects throughout Bulgaria. Some of the projects include The Soup Kitchen, Hospice Miloderdie, Children’s Homes in Petrovo, Buzovgrad, Totleben and Varna, Children “who care” project, Family-type Home, Otets Paisii School and a Scholarship Program. If you would like to see more of these projects please see the attached brochure.

This year the Dutch Stand will focus on clothes and food such as Dutch cheese, eggs and Dutch apple-pie. A part of the Stand will be decorated like an “Old Dutch pub” where you can buy coffee with a treacle-waffle (stroopwafel). There will also be Dutch pea soup with Dutch smoked sausage and Heineken beers. For the kids there will be the possibility to play Old Dutch games.

The volunteers of the Dutch Stand, the IWC and of course, all the projects that are being supported, would appreciate it enormously if you would like to support the Dutch stand with clothes, food or a monetary donation.

If you are one of the sponsors at the Charity Bazaar, the IWC will express its gratitude to you in several ways: acknowledging your company in the IWC newsletter, on its website and in the following year’s Charity Projects Brochure. The logos of our Gold Donors (those who donate 800 leva or more) will be displayed on the day of the Bazaar to be seen by the thousands of visitors.

We are looking forward to seeing you at the Bazaar and we really hope that you will be able to contribute towards this worthy cause and make the Dutch stand an even bigger success than last year.

If you would like to help or if you have any questions concerning how you can contribute, please kindly contact me before the 12th November

For more information please contact;

Fleur Brinkerink-Messer
(BazaarSofia@hotmail.nl)

Bulgaria Says No to New EU Taxes

Bulgaria Says No to New EU Taxes

Bulgaria has taken a stand against a European Commission proposal for the introduction of new taxes across the European Union, including a financial-transaction levy and a new value added tax.

“Bulgaria doesn’t support the introduction of new taxes because it will impose an extra burden on EU citizens and companies,” it said in a statement.

“The introduction of the financial transactions tax on an EU level will put in danger the competitiveness of financial hubs in the EU because there is yet no agreement to introduce it on a global level.”

According to the ministry the idea for a new EU value added tax will practically take over the functions of the separate nations in imposing the levy.

Bulgaria will insist on raising funds for the Cohesion policy and extending its scope in a bid to avoid a two-speed Europe.

Investments in roads, highways, sewage plants are key to Bulgaria, according to the finance ministry.

The country will also demand more funds to increase the control of external borders and illegal migration.

The European Commission is expected to propose next week a sweeping new EU taxes that would apply to “all types of financial instruments” used by European investors.

The levy is said to be imposed on all trades in derivatives, bonds and shares, as well as a limited number of currency transactions.

source: novinite.com

Bulgaria Ups Its Minimum Wage to BGN 270

Starting Thursday, the minimum monthly wage in Bulgaria grows from BGN 240 to BGN 270 (EUR 137).

According to the country’s Finance Minister Simeon Djankov, the minimum wage rise will cost its state budget approximately BGN 15 – 20 M. However, the private sector’s expenses will be much higher, the Dnevnik daily points out.

Some 120 000 Bulgarians officially receive minimum wage in Bulgaria, according to the country’s National Statistical Institute. A total of 20 000 of them are on a state payroll.

Also starting Thursday, the retirement allowances for widows and widowers in Bulgaria increase from 20% of the deceased spouse to 26.5%.

According to a recent study conducted in the Sofia-based University of National and World Economy Bulgaria will need 41 years to reach the minimum wage rates of EU’s most advanced countries.

Currently, the minimum wage in the country is nearly half of the amount of money deemed by the National Statistical Institute as necessary for an individual to survive a month in “normal” conditions.

source: novinite.com

Sofia Office of Bulgarian Tax Authority Reshuffled

The manager team in charge of control activities of the Sofia Territorial Directorate of the National Revenue Agency (NRA) was dismissed Monday, according to an NRAstatement.

Less than a week after the appointment of Boyko Atanasov as the new director of the Sofia unit of the revenue body, the Deputy Director of the Sofia Territorial Directorate in charge of the Control portfolio, the Director and Deputy Director of the Control Directorate and three directors of Audit sectors at the Sofia unit were dismissed.

In a few weeks, the management of NRA-Sofia will present an entirely new concept paper on tax and social security control and the fight against tax and social security fraud which will envisage structural and organizational changes at the Sofia unit if the NRA.

“The changes in the management team are a continuation of the reshuffle at the central headquarters of the NRA and are driven by the inefficient tax and social insurance control, including the counteraction against fraud in the biggest territorial structure of the NRA”, the press office of the agency said in the statement.

Source: novinite.com

Bulgaria to Marginally Up Minimum Wage, Pensions

The Bulgarian government will update the minimum wage for the country from BGN 240 to 270 and will make a similar rise in retirement pensions, according to Minister of Labor Totyu Mladenov.

Mladenov stated the rise will be active starting July 1, and that a formal decision is to be taken between June 15-20 at a sitting of the three way council between government, employers and trade unions.

Minister of Finance Simeon Djankov, who has this far been opposed to the raise pushed by Mladenov for some months now, refused to comment.

According to his colleague in charge of labor and social affairs, the Ministry of Finance has the funds needed for the update.

source: novinite.com

related: Bulgarians Struggle with Shrinking Average Incomes

Tax Freedom Day Arrives in Bulgaria on May 4

Bulgarians will work to pay their taxes until May 4, 2011, according to a publication of the Institute for Market Economy.

The so-called “Tax Freedom Day” is a symbolic date when employees stop working for the State treasury and begin earning for themselves.
In Bulgaria, this day traditionally falls in May, and its earlier arrival in the last three years is attributed to the economic crisis and the wider budget gap i.e. the State seemingly takes less, but continues to spent as before by using reserves and accumulating new debts, the Institute’s experts say.

The symbolic calculations further show that from May 4 until May 13, Bulgarian tax payers will continue to work for the State, to cover the budget deficit for 2011 and these 10 days will end up being for the benefit of the treasury, sooner or later, next year, or even in several years, depending on the ending percentage of thebudget deficit for 2011.

In 2011, Bulgarians will earn about BGN 211 M a day on average, meaning they need 124 days in order to make the BGN 26.2 B in revenues slated for the budget,

What the State plans to take from workers amounts to more than 60% of households’ income for 2010. In 2011, Bulgarians will work 31 days for the Value Added Tax (VAT), 10 days for excise duties, 19 days for social security benefits, 10 – days for health insurance, 10 days for income taxes, 8 for corporate taxes, and 3 for property taxes.

The Institute’s experts further point out that the focus on bringing more revenues in the treasury gives a false impression of more freedom while revenues from VATand excises have suffered a great deal from the crisis.

source: novinite.com