What regulations are still expected to be published after the Law of Introduction Euro is accepted by the Bulgarian Parliament, important for retail and fiscalization?

As we stated in our previous news, At the end of July and beginning of August, the Bulgarian Parliament approved the regulations for replacing the lev with the euro, even though Bulgaria has not yet met the criteria for joining the Eurozone. But still, there are no official publications of the Law of the Euro, no dates when the Euro will be only a legal tender, how long will last the double currency period, etc.

Don’t forget, that this change will affect VAT Act, Ordinance No. 18 important for fiscalization, fiscal receipts will be changed, and fiscal devices will also be changed. All of these are discussed many times in our previous news.

If we analyze the draft law for Euro, we can see in its transitional and final provisions that, within three months from the entry into force of this law for Euro, the Minister of Finance needs to submit the regulation under Art. 118, para. 4 of the Law on Value Added Tax in accordance with the law, determining:

• the conditions and manner of registering and accounting for sales and/or canceling the operations of goods and services by issuing a fiscal receipt or another document registering the payment in euros;
• the conditions and manner of announcing the final amount in the issued fiscal receipt in levs and in euros during the period of double indication of the prices of goods and services
• the functional and technical requirements for fiscal devices and integrated automated systems for managing commercial activity in connection with the introduction of the euro;
• the submission of data to the National Revenue Agency;
• all other changes arising out of and in connection with the performance introduced by the new law

The law of the euro will also change other acts (besides the VAT Act), such as commercial law, the Consumer Protection Act, the Law on the Activities of Collective Investment Schemes, the Law on Financial Instruments Markets, the accounting law, the Tax and Insurance Procedural Code, the Law on Corporate Income Taxation, the Social Security Code, the Law on Guaranteeing Deposits in Banks, the Law on Measures Against Money Laundering Tourism Act, the Currency Law, and others.