Loot boxes: Has pay-to-win become pay-to-gamble?

A legal perspective   

The popularity of loot boxes has led regulators in many countries around the world to pay special attention to them and investigate whether they are a form of gambling that is not only carried out without a license but is also offered to minors. 

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Financial services regulation - what's the latest?

In February 2021, the Bulgarian National Assembly adopted legislative amendments to the Recovery and Resolution of Credit Institutions and Investment Intermediaries Act. Among its key takeaways, is the possibility to make instant payments in Bulgarian leva (BGN).

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Who is liable for the obligations of legal entities - the latest case law

The Supreme Administrative Court ruled in a new Interpretative Decision, concerning the liability of third parties (managers, procurators, members of the management body, commercial representative and commercial agent) for obligations of legal entities under Art. 19, para. 1-2 of the Tax and Social Security Procedure Code.

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What to expect from the proposed major reform in insolvency proceedings?

A Draft Amending and Supplementing Act of the Commerce Act has been launched for public discussion. It is in fulfilment of Bulgaria‘s commitments following its accession to the Exchange Rate Mechanism II (ERM II) and in view of its aspirations for future euro area membership. The Act reflects on a number of weaknesses in the implementation of legislation related to insolvency proceedings. We we have outlined its key takeaways.

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Green roofs in Bulgaria - current regulation

The numerous advantages of green roofs are considered rather sparingly by the current Bulgarian legislation. Yet, this should in no way stop investors in large Bulgarian cities from envisaging the construction of green roofs for their buildings. This article reviews the existing Bulgarian legislation in this field.

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What are Controlled Foreign Company rules?

Controlled Foreign Company (“CFC’’) rules aim to combat tax evasion situations where a company resident in a high-tax country owns a foreign subsidiary resident in a low-tax country in order to derive tax benefit from the lower corporate tax rate.

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Tax exemption for COVID-19 in-vitro diagnostic medical devices and COVID-19 vaccines

In order to help victims of the pandemic, the Council Directive (EU) 2020/2020 of 7 December 2020 allows Member States to apply a reduced VAT rate to the supply of COVID-19 in vitro diagnostic medical devices and services. Member States are required to communicate to the Commission the text of the main provisions of national law which they adopt in the field covered by the Directive within two months of their adoption.

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Introduction of the start-up visa in Bulgaria

The latest amendments to the Foreigners in the Republic of Bulgaria Act introduce the long-awaited “start-up visa”, addressing entrepreneurs and high-risk investors.

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Co-ownership of shares in a joint-stock company - the latest case law

The Supreme Court of Cassation recently ruled on the issue of exercising the right to vote in a Shareholders General Meeting of a joint-stock company in cases of co-ownership of shares.

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The obligation to submit an annual tax return under Art. 50 ITNPA

There are two options for submitting the ATR - on the spot, in the territorial directorate of the National Revenue Agency ("NRA"), or online. The competent territorial directorate of the NRA for the acceptance of the ATR is the one at the permanent address of the resident (Art. 54 PITA).

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Discrimination in the workplace: protection measures

The Protection Against Discrimination Act provides for a set of obligations for employers related to the creation of a non-discriminatory environment for exercising the right to work. It also introduces an obligation for employers to actively intervene if there is discrimination among their staff.

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The EU €672.5 billion Recovery and Resilience Facility is now approved by the European Parliament

The confirmation it received by the European Parliament, makes it possible for the Recovery and Resilience Facility to enter into force in the second half of February. Member States are required to present national recovery and resilience plans that provide for specific reforms and public investment projects by 30 April.

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Europe's Digital Future: Main points of the EU Commission’s proposal for a Digital Services Act

On December 15, 2020, the EU Commission published its Proposal for a Digital Services Act. The Commission has underlined that the proposed new rules are proportionate, foster innovation, growth and competitiveness, and facilitate the scaling up of smaller platforms, SMEs and start-ups.

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Aircraft Financing: Why Should Bulgaria Join the Cape Town Convention?

The fact that Bulgaria is not an individual party to the Convention means that creditors would not be able to take advantage of treaty protections when the debtor is a Bulgarian air operator, complicating the process of developing a financing agreement and increasing costs.

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OECD update on tax treaties in times of COVID-19

On January 21, 2021, the OECD released a revisited version of its Guidance published in April 2020 to provide more certainty to taxpayers.

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Challenge accepted: Digitalising the Bulgarian public sector during a pandemic

After the initial shock of the pandemic and when governments and citizens realised that the virus will be around longer than anticipated, the "new normal" forced public authorities and businesses to digitalise their services and make them easily accessible online. 

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Glencore wins a transfer pricing lawsuit against the tax commissioner

The dispute brought by the Australian tax authority cornered around the conditions of the intra-group arrangements for the sale of copper concentrate in the years 2007-2009.

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OECD releases guidance on transfer pricing implications of the COVID-19 pandemic

On 18 December 2020, OECD published a guidance on the transfer pricing implications of the COVID-19 pandemic.

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