What is the timeline for changing currency into EUR in Bulgaria?

The news about changing the official currency to EUR appeared a couple of months ago, but still, there is no precise information about that process. Certainly, it will change a large number of regulations, and it will affect all businesses. As we have stated before, this change will also affect fiscalization rules, from both, legal and technical perspective. It will require changes in the POS, and in the fiscal printer, changes will be made to receipts, reports, and other documents.

Therefore, although there are still no official dates, meetings are being held between the National Revenue Agency, the Bulgarian Institute of Meteorology, and producers of fiscal devices. The discussions are in relation to what has to be changed/adapted in the fiscal devices (and when), in order for the latter to comply with the requirements in the actual framework for the introduction of the euro. That is very important, because the initial plan is to switch to a new currency in 2024, and there is not enough time. We will see if there are going to be some postponements in the timeline because the official law has not been published yet, the whole law procedure is a bit long, the public debate is still pending, and new general elections still need to be scheduled. Also, that will affect publishing new regulations, not only in fiscal terms but in other ways too. According to available information, the public debate is expected to end in the middle of February 2023, assuming everything goes as planned. In terms of fiscalization, certain acts must be available a few months before 2024 in terms of the technical requirements for fiscal devices, as well as changes in the VAT law and Ordinance No. 18 as to the main fiscal-related laws. Of course, we will monitor all changes, so stay tuned.