Informes Sectoriales OP - Icex

More documents

Recommendations

Info

TOURISM AND RELATED SERVICES IN BULGARIA ♦ Protection against Expropriation The Bulgarian Constitution allows forcible expropriation of property in the name of the state or for municipal needs only if effected by virtue of a law provided that these needs cannot otherwise be met, and after a fair compensation has been ensured in advance. Expropriation under Bulgarian law is governed by the State Property Act and Municipal Property Act. 3.1. GOVERNMENT POLICIES AND REGULATIONS FOR FOREIGN INVESTMENTS IN TOURISM AND RELATING SERVICES • Bulgaria in the process of joining the EU Focused on joining the EU as scheduled on 1 January 2007, Bulgaria’s currently active legislation, reflecting the Government policy, offers quite a large number of opportunities for investments in the country. According to the European Commission, Bulgaria is generally meeting the commitments and requirements arising from the accession negotiations in the areas of capital movements and payments and payment systems and is expected to be in a position to implement this acquis from accession. Some legislative alignment is still needed as regards the Social Insurance Code and in the area of cross-border payments in Euro, financial collateral arrangements and concerning the requirement for system operators to be established in Bulgaria. Minor adjustments are also needed in the field of redress procedure for the settlement of disputes between banks and customers. In order to complete preparations for membership, Bulgaria must align with the revised recommendations of the Financial Action Task Force on money laundering and terrorist financing, and notably ensure that legislation in this area is fully and effectively enforced and that proven cases of money laundering are prosecuted. Bulgaria is also generally meeting the commitments and requirements arising from the accession negotiations in the fields of company law and accounting, but some adjustments are still needed. Upon accession, Bulgaria is expected to be in a position to implement this acquis, as well as the Regulation replacing the Brussels Convention and the provisions of the Rome Convention. Regarding the competition policy Bulgaria is generally meeting the commitments and requirements arising from the accession negotiations in the fields of anti-trust and state aid, and is expected to be in a position to implement this acquis from accession. In completing preparations for membership, particular attention must be paid to fine-tuning and updating legislative alignment, continuing to strengthen administrative capacity and, most importantly, continuing the development of a track record of proper application and enforcement of both anti-trust and state-aid legislation. Spanish Economic and Commercial Office of the Spanish Embassy in Sofia 26
TOURISM AND RELATED SERVICES IN BULGARIA In a way to provide equal opportunities for all the investors Bulgaria adopted uniform corporate tax – 15 percent for the profits and incomes of both local and foreign companies. The earnings and the incomes gained from capitals invested in Bulgaria are considered as profits and incomes of national origin regardless of the capital origin. In the investment services sector, still important parts of the acquis remain to be transposed. Further alignment is needed as regards the acquis on market abuse and prospectuses, as well as the newly adopted acquis on securities markets (markets in financial instruments). The acquis on capital adequacy remains to be transposed. Bulgaria has been granted a transitional period until the end of 2009 as regards the investor compensation scheme, at the end of which it should reach the minimum level of coverage set out in the acquis. 3.2. POLICIES FOR THE PROMOTION OF INVESTMENTS The main documents, which define government’s investment policy, are: ♦ The new Encouragement of Investment Act / adopted on 23.04.2004/ regulates the terms and procedures for encouraging investment in the country, the activities of the state authorities in the field of investment encouragement, as well as the protection of investments. ♦ The Rules and Regulations for its implementation were adopted with Decision of the Council of Ministers No. 213 from 11.08.2004, promulgated in the State Gazette No. 74, 24.08.2004, in force since 24.08.2004. ♦ The National Investment Promotion Strategy /NIPS/, elaborated under coordination of the Investment Policy Directorate. The new Encouragement of Investment Act regulates the terms and procedures of investing in Bulgaria. The National Investment Promotion Strategy is a horizontal strategy, involving all the relevant ministries. In its elaboration participated experts from the relevant ministries and from institutes and NGO’s under the coordination the Investment Policy Directorate, within the Ministry of Economy. Although it is not a national industrialization strategy, it is developed in line with the major priorities from the National Plan for Economic Development (up to the year of 2006) and the National Plan for Development (2007 - 2013). The NIPS contains measures, which are grouped in seven lines, each of them aiming at improving the business climate in Bulgaria and providing better conditions for foreign investors ♦ Improvement of the general administrative and legal environment; ♦ Development of the infrastructure; ♦ Labor quality improvement; ♦ Regional investment promotion policy; ♦ Support for investments in innovations and hi-technologies; ♦ Investment marketing; ♦ Improvement of the financial environment for the investors. The Encouragement of Investment Act Under the Encouragement of Investment Act, foreign investors are: ♦ legal persons which are not registered in Bulgaria; ♦ partnerships which are not legal persons and are registered abroad; Spanish Economic and Commercial Office of the Spanish Embassy in Sofia 27
Page 1 and 2: Oficina Económica y Comercial de l
Page 3 and 4: TOURISM AND RELATED SERVICES IN BUL
Page 25: TOURISM AND RELATED SERVICES IN BUL
Page 77 and 78:
TOURISM AND RELATED SERVICES IN BUL
Page 79 and 80:
Page 81 and 82:
Page 83 and 84:
Page 85 and 86:
Page 87 and 88:
Page 89:
show all

Informes Sectoriales OP - Icex

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?