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.
Read moreIn 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).
Read moreThe 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.
Read moreA 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.
Read moreThe 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.
Read moreControlled 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.
Read moreIn 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.
Read moreThe latest amendments to the Foreigners in the Republic of Bulgaria Act introduce the long-awaited “start-up visa”, addressing entrepreneurs and high-risk investors.
Read moreThe 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.
Read moreThere 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).
Read moreThe 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.
Read moreThe 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.
Read moreOn 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.
Read moreThe 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.
Read moreOn January 21, 2021, the OECD released a revisited version of its Guidance published in April 2020 to provide more certainty to taxpayers.
Read moreAfter 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.
Read moreThe 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.
Read moreOn 18 December 2020, OECD published a guidance on the transfer pricing implications of the COVID-19 pandemic.
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