November 2021 / Bulgaria

November 1 2021

Bulgaria Announces 2022 Intrastat Thresholds

Bulgaria has announced the new Intrastat thresholds for the year 2022. The thresholds for Intrastat reporting purposes are summarized as follows:

  • for dispatches: BGN 780,000 (currently, BGN 270,000); and
  • for arrivals: BGN 520,000 (currently, BGN 430,000).

The thresholds for declaring statistical value are as follows:

  • for dispatches: BGN 18,600,000 (currently, BGN 14,700,000); and
  • for arrivals: BGN 8,400,000 (currently, BGN 7,300,000).

The threshold for simplified reporting of single low-value transactions will remain unchanged, i.e. BGN 390.

The full text of the announcement, gazetted on 29 October 2021, is available here (in Bulgarian only).

November 11 2021

Bulgaria: Natural Gas Price could Rise by about 3% in December

Natural gas may rise by about 3% in December, according to Bulgargaz's calculations at the moment.

However, these levels may change, as our gas company will submit its final application to the energy regulator (EWRC) in about three weeks.

The company also announced its January forecast, which envisages the sale of fuel at prices that are close to those at the moment - a little over BGN 93 per megawatt-hour without fees and charges.

Source: Novinite

November 22 2021

67% of Bulgarians have taken an Average of One and a Half Loans in 2021

38% use a loan to cover household expenses, 30% - for home repairs, and 14% - for car supplies

46% of Bulgarians have applied for a loan online in 2021. This shows that taking loans online is still the more preferred approach. The data is from a recent online credit market survey prepared by a marketing agency and fully funded by the leading non-bank consumer credit company Cash Credit. A large circle of people from urban areas participated in the survey.

The study also shows that in 2021 the preferred loan amount is BGN 1,000 with a repayment period of 6 months. The most common reasons for withdrawing it are: household consumables (38%), home repairs (30%), car costs (14%) and medical expenses (12%). Although 72% of people plan to cut their spending if there is another lockdown, there are often costs that are difficult to avoid and are listed above.

The data also show that 48% of Bulgarians pay the most attention to the terms of the loan when it comes time to choose the company they can trust. They are interested and make comparisons where the conditions are most favorable to their financial profile and on this basis form their choice. For 30% of consumers, the leading factor is promotions, and 29% are influenced by the recognizability of the company. More than half of the participants in the survey would take a loan from the same credit institution they trusted the previous time, which is not a sure indication of loyalty. The reason is rather their caution and doubts that another company can offer a loan with "hidden fees", which inevitably increases the risks.

Relying on the survey, another conclusion is formed: for 37% of Bulgarians the main reason to change the company they initially trusted is the better interest rates. 23% of consumers will prefer a competitive company if they find better credit terms, and 21% would be repelled by poor service and unfair treatment of employees.

"Two of our core values ​​in the company, trust and transparency, serve as a compass to guide us in the direction we need to go when building our relationships with customers. The study once again showed us how important it is for our customers to know that they can rely on a reliable partner who offers them maximum comfort in service and transparent conditions. We are increasingly striving for the idea of ​​building trust with our customers and listening to their needs and requirements," said Stanislava Stratieva, Marketing Manager of Cash Credit.

The survey also shows that 2/3 of the respondents prefer to repay their loan in equal monthly installments, which indicates the client's demand for security and predictability - something completely understandable, given the 2-year life in a pandemic.

A curious fact is that compared to previous years, there is now a slight increase in interest in standard office services when taking a loan. 33% of people want to have real contact with an employee of the company, which is explained by the purely human sense of greater trust and transparency that the client seeks during a pandemic. Novinite/M3 Communications Group