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.

Read More

MP Zaharieva: We Regret No Signing Cultural Cooperation Agreement With Russia

Deputy Prime Minister and Foreign Minister of Bulgaria Ekaterina Zaharieva regrets that Sofia failed to sign a program of cooperation with Moscow in the spheres of culture and...

President Radev: Businesses Must Help Bulgaria Overcome Social & Demographic Issues

The business should have a key role in overcoming the social crisis, President Rumen Radev called at a ceremony honouring the finalists of the 2019 Manager of the...

Economic Agriculture Accounts See 1.7% Drop

According to the first estimate of Economic Accounts for Agriculture, the final output at basic prices of the agricultural industry in 2019 amounted to BGN...


New Biovet Peshtera Pharmaceutical Plant Has Been Opened

A new factory for the production of pharmaceutical products and feed additives opens the Biovet Peshtera at this time. The total investment is BGN 300 million.

Why They EU Cannot Improve Bulgaria’s Judicial System?

The cooperation and verification mechanism designed to improve the judiciary has failed to generate meaningful reform in Romania and Bulgaria, Professor...

Revolut Enters Bulgaria And What It Means For Traditional Banks

Revolut now provides accounts in BGN, the Bulgarian currency, it became clear during the FinTech Summit, which took place in Sofia.