Fiscal subject related
The ministry also announced that the National Assembly could deliberate and vote on the Law on the Introduction of the Euro by the summer's end, given the current preparatory state. While this legislation is domestically formulated and not subject to European Commission evaluation in regular convergence reports, the law concerning the Bulgarian National Bank forms a part of this process, with Metodiev expressing confidence in a positive assessment of Bulgaria's legislative compliance.
The most favourable scenario for business and the economy would be for Bulgaria to join the Eurozone in 2026, as announced by the Ministry.
In the terms of the Law on the Introduction of the Euro as an Official Currency, it is stated that the Law on the Introduction of the Euro could be approved by the National Assembly before the summer concludes, according to acting Deputy Finance Minister Metodi Metodiev's projection today. Metodiev also stated that Sofia is expected to meet the inflation criteria required for Eurozone entry by the year's end, based on the department's models. Key legislative tasks prior to eurozone entry include enacting two significant laws: the new law on the Bulgarian National Bank and the law on the introduction of the euro. Unlike the Law on the BNB, which was adopted in February and evaluated in the regular convergence report, the Law on the introduction of the euro, crafted over the past year and a half, will not undergo European Commission assessment.
Other news from Bulgaria
Bulgaria proposes tax amendments
The Bulgarian Ministry of Finance has released a series of proposed tax amendments for public consultation, aiming to align national laws with EU regulations and enhance VAT administration. The acts refer to: Draft Ordinance amending and supplementing Ordinance No. 5 of October 4, 2007 on the terms and conditions for acquisition, registration, payment, and trading of government securities; Draft Law on Amendments and Supplements to the Law on Corporate Income Taxation; Draft Law on Amendments and Supplements to the Law on Personal Income Taxes; and Draft Law on Amendments and Supplements to the Law on Value Added Tax and the reasons for it. Read more
Announcement regarding the transition to the next stage of work on the introduction of the euro in the Republic of Bulgaria
The Financial Supervision Commission (FSC) of Bulgaria has announced the transition to the next stage of the euro introduction, focusing on the readiness of the non-banking financial sector, including securities markets, investment intermediaries, insurers, and market infrastructures. Key deadlines include preparing information systems by November 30, 2024, and completing system adaptations by Mar... Read more
SAF-T Accounting in Bulgaria
Bulgaria is set to adopt the accounting Standard Audit File for Tax (SAF-T) in phases, with the rollout expected to begin in 2025. The implementation will be conducted over five years, starting with large taxpayers who will be required to file reports in SAF-T format within 6-24 months. This will be followed by medium-sized businesses, small businesses, and micro-enterprises. Under the SAF-T syste... Read more
New document was uploaded: Law on the introduction of the euro in the Republic of Bulgaria (BG)
The purpose of the law is to determine the general requirements of the process of introducing the euro as an official currency in Bulgaria. The law has been voted by the national ambassador, and official introductions are still pending; after that, the other deadlines can be determined. The law has been voted, although Bulgaria has not yet met the criteria for joining the Eurozone, which is one of the most important conditions. Read more
New document was uploaded: Law on the introduction of the euro in the Republic of Bulgaria (EN)
The purpose of the law is to determine the general requirements of the process of introducing the euro as an official currency in Bulgaria. The law has been voted by the national ambassador, and official introductions are still pending; after that, the other deadlines can be determined. The law has been voted, although Bulgaria has not yet met the criteria for joining the Eurozone, which is one of the most important conditions. Read more
Bill for Amendments and Supplements to the Law on Payment Services and Payment Systems in Bulgaria
In accordance with the procedures for introducing the Euro as an official currency in Bulgaria, the state institutions are working on other related laws and regulations, step by step. Therefore, during the public consultations is introduced a draft regulation of the Law on Amendments and Supplements to the Law on Payment Services and Payment Systems, which proposes amendments that aim to prepare p... Read more
More details about the Law of the Euro in Bulgaria
As a reminder, the adaptation of Law on Euro was published at the end of August. We advise you to read more to stay focused on this topic. Read more