September 2023 / Bulgaria

La Banca Centrale Europea (BCE) ha adottato un parere che esprime una valutazione positiva del progetto di nuova legge sulla Banca Nazionale Bulgara (BNB), che entrerà in vigore alla data specificata nella decisione del Consiglio europeo sull'adozione dell'euro in Bulgaria. L'obiettivo del disegno di legge è quello di raggiungere il necessario livello di convergenza giuridica della BNB nell'Eurosistema.

La BCE avanza inoltre diverse proposte di modifiche tecniche al progetto di legge al fine di avere maggiore chiarezza, come il modo in cui la BNB forma le disposizioni e l'inclusione di ulteriori riferimenti agli atti europei applicabili. Il progetto della nuova legge sulla BNB che apporta le modifiche tecniche proposte dalla BCE, sarà inviato al Ministero delle Finanze per avviare una discussione pubblica e la sua presentazione all'Assemblea Nazionale.

Il flusso netto di investimenti diretti esteri in Bulgaria da gennaio a luglio è di oltre 2 miliardi di euro, superiore del 32,5% (505 milioni di euro) rispetto allo stesso periodo dell'anno precedente, come riportato dai dati pubblicati della Banca Nazionale Bulgara (BNB). Nel solo mese di luglio, il flusso è stato aumentato di 137 milioni di euro, leggermente diminuito rispetto al flusso positivo di 145,5 milioni di un anno prima.

Il capitale sociale è positivo e ammonta a 356,5 milioni di euro così come la voce reinvestimento degli utili, la quale è in attivo per 1,6 miliardi di euro.

I maggiori flussi netti di investimenti diretti positivi nel Paese per i sette mesi del 2023 sono venuti da Paesi Bassi (556,9 milioni), Belgio (248,6 milioni) e Germania (216,1 milioni), mentre i maggiori flussi netti negativi sono stati verso la Svizzera (43 milioni di euro) e l'Italia (35,8 milioni).

Secondo i dati preliminari, il flusso netto di investimenti diretti all'estero per il periodo gennaio-luglio ha raggiunto 358,9 milioni di euro contro i 353,1 milioni di euro dello stesso periodo dell'anno precedente.

Il Ministero delle Finanze prevede una crescita economica stabile in Bulgaria nel secondo trimestre del 2023, nonostante i dati attuali rilevano una diminuzione della produzione industriale e un rallentamento della crescita economica al 1,8%.

Si prevede che il tasso di crescita economica rimanga costante nel terzo trimestre, con un calo della domanda di servizi e delle vendite al dettaglio nei prossimi tre mesi. Le previsioni sull'inflazione dicono che nel terzo trimestre 2023 si registra una leggera accelerazione del tasso di inflazione annuo secondo l'Indice Armonizzato dei Prezzi al Consumo (IPCA), dovuta interamente ai servizi a causa della stagione turistica estiva.

Per quanto concerne l'aumento generalizzato dei tassi di interesse perpetrato sia dalla  Federal Reserve Board (FRB) statunitense che dalla Banca Centrale Europea (BCE) per far fronte all'aumento dell'inflazione, i tassi di interesse in Bulgaria dovrebbero rimanere pressochè invariati.

The Ministry of Finance has published for public consultation a proposal to amend the Accountancy Act, aimed at implementing into national legislation the provisions of Amending Directive to the Accounting Directive (2013/34) as regards the Disclosure of Income Tax Information by Certain Undertakings and Branches (2021/2101) (the Public Country-by-Country Reporting (CbCR) Directive).

The Ministry also proposed the following amendments to the Local Taxes and Fees Act (LTFA):

• clarification of the provisions related to the use of tax relief for buildings that have received certificates of energy consumption class; and
• Subjecting income of individuals gathering seeds, mushrooms, medicinal and aromatic plants to patent tax under the LTFA, instead of to personal income tax under the PIT Act.

The public consultation, issued on 26 September 2023, runs until 26 October 2023.

As part of the annual package with amendments to the tax legislation, the Ministry of Finance has published the following proposals for public consultation.

• Corporate income tax:
  • implementing EU rules ensuring a global minimum level of taxation for multinational enterprise groups and large-scale domestic groups.
• Individual income tax:
  • introducing statutory expenses in the case of a sale or exchange of financial assets; and
  • introducing financial incentives for disclosures to tax authorities.
• Indirect tax:
  • introducing deferred payment of import VAT in the case of centralized clearance;
  • clarifying reporting obligations of payment service providers; and
  • extending the scope of goods subject to excise duties by including products to be heated, vaporized or inhaled.
• Other taxes:
  • clarifying the tax relief for buildings with certificates of energy consumption class; and
  • implementing EU rules regarding the disclosure of income tax information by certain undertakings.

The Ministry of Finance has published a proposal to amend the Corporate Income Tax Act (CIT Act) for public consultation. The main changes suggested are the following:

• implementing the provisions of the Minimum Taxation Directive (2022/2523) ensuring a global minimum level of taxation for multinational enterprise groups and large-scale domestic groups within the Union. In addition, a domestic top-up tax is introduced;
• introducing a new scheme for State aid to farmers in the form of deferred corporate income tax; and
• aligning the tax regime applicable to financial institutions with that for non-financial enterprises. This alignment ensures that income and expenses from subsequent valuations, including revaluations and impairments, of financial assets and liabilities will be treated consistently for tax purposes.

The public consultation, issued on 26 September 2023, runs until 26 October 2023.

The Ministry of Finance has published a proposal to amend the Individual Income Tax Act (PIT Act) for public consultation. The main changes suggested are the following:

• introducing 10% statutory expenses deductible for individuals deriving income from the sale or exchange of financial assets, including virtual currencies;
• introducing a tax relief for individuals registering cash receipts with a digital receipt system of the National Revenue Agency;
• expanding the definition of "employment relationship" to include legal relationships that, by their nature, involve labour without the need for a formal employment contract; and
• exempting income of individuals from the sale or exchange of movable property to persons having the right to collect, transport, recover or dispose of waste in accordance with the Waste Management Act from taxation.

The Ministry also proposed amendments to the Tax and Social Security Procedure Code (TSSPC) by introducing financial incentives for disclosures to tax authorities.

The proposal outlines a financial incentive for persons submitting information containing specific facts and circumstances that were not known to the tax authorities, which lead to the establishment and collection of additional taxes, mandatory insurance contributions and interest in connection with hidden and/or undeclared taxable transactions, income, profits and assets. Under this proposal, if certain conditions are met, individuals who disclose such information may receive remuneration equivalent to 10% of the additional revenue collected by the budget as a result of their disclosures.

The public consultation, issued on 26 September 2023, runs until 26 October 2023.

The Ministry of Finance has published a proposal to amend the Value Added Tax Act and Excise Duties and Tax Warehouse Act (EDTWA) for public consultation.

The main changes to the VAT Act suggested are the following:

• introducing deferred payment of import VAT in the case of centralized clearance when importing goods;
• introducing a measure allowing taxable persons that have not registered for VAT purposes in a timely manner to issue tax documents that include the applicable VAT for the periods for which they should have been registered;
• prolonging the 0% VAT rate for supplies of bread and flour until 30 June 2024; and
• introducing a measure allowing the recipients of supplies to withhold payment if the supplier fails to provide a fiscal receipt at the time of the transaction.

The amendments to the Regulations for the application of the VAT Act introduce new reporting obligations for payment service providers. These obligations cover the formatting and submission procedures for information related to cross-border payments. The electronic form must meet the requirements provided in the Commission Implementing Regulation (EU) 2022/1504 of 6 April 2022. This Regulation lays down detailed rules for the application of Council Regulation (EU) No. 904/2010 regarding the creation of a central electronic system of payment information (CESOP) to combat VAT fraud. The information from the register must be submitted with a qualified electronic signature following the guidelines set out in the Tax and Social Security Procedure Code. The submission must be made through a standard electronic form outlined in Implementing Regulation (EU) 2022/1504. The Executive Director of the National Revenue Agency must approve the format, structure and validation scheme of the file.

The main proposals to the Excise Duties and Tax Warehouse Act (EDTWA) are the following:

• extending the scope of goods subject to excise duties by including the heated products with content other than tobacco, based on plants, herbs or fruits, regardless of whether they are treated with nicotine. From 1 January 2024, these products will be subject to an excise duty rate of BGN 331 per kilogram;
• introducing a regime for distance sales of excise goods released for consumption in Bulgaria which are sent to individuals in other EU Member States; and
• introducing various clarifications for customs formalities as outlined in the Union Customs Code. These clarifications specifically relate to goods subject to excise duties that are dispatched to or received from certain third countries.

The public consultation, issued on 26 September 2023, run until 26 October 2023.