Bulgaria’s Council of Ministers: The State Will Pay 60% of the Salaries of Companies Hit by the Crisis

“There are many voices from business representatives about possible government action to mitigate the impact of the crisis. Most affected are shopping malls, restaurants, discos and bars. We will propose some quick measures in the context of the one-month emergency. They could alleviate the pressure on affected businesses. With the Bulgarian Development Bank, we will propose measures to provide liquidity support, “said Finance Minister Vladislav Goranov, adding that they would propose extending tax payment deadlines.

“We will propose two short-term measures – extending the annual accounting closure period and presenting the annual financial statements and declarations under the Corporate Income Tax Act. We propose that this deadline be extended to the middle of the year – 30 June. We will also offer an extension of the deadline for payment of local taxes and fees at a discount, as it expires at the end of the month, which is a prerequisite for many people to gather on the spot.” Minister Goranov said.

Businesses that are actually affected will be asked not to fire people. Instead of being laid off, the state will take over the social security system this month and pay 60% of the salary. The reserves should not be spent for a month or two, Goranov warned. In the coming days and weeks we will re-evaluate major projects, including in the field of defense.

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