The Bulgarian Parliament has approved the regulations for replacing the lev with the euro, even though Bulgaria has not yet met the criteria for joining the Eurozone. The process for the currency transition is now outlined, despite the country's current political challenges. It regulates the methods of rounding after revaluation of the prices of goods and services, bank accounts, debt securities, government securities, government and government-guaranteed loans, securities, remunerations, pensions, social benefits, etc. Its adoption was listed as a priority in the decision to speed up entry into the Eurozone, which the parliament voted on at the end of July when the law was adopted in the first reading.
The law on the introduction of the euro in the Republic of Bulgaria was adopted by the National Assembly.
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Bulgaria
Author: Nikolina Basic
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Fiscal subject related
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Content accuracy validation date:
14.08.2024
Content accuracy validation time:
09:17h
This regulatory act aims to ensure a seamless transition from the Bulgarian levy (BGN) to the euro (EUR), emphasizing information dissemination, transparency, and consumer protection against speculative actions. The adopted law regulates all the technical details surrounding the transition from leva to the euro, and its goal is to make it smooth and to avoid incorrect practices by traders. There are no surprises in it, as the main ideas were already announced in the government's strategy for the adoption of the euro, and they are practically entirely borrowed from the experience of other EU member countries that have gone down this path.
Also, it contains detailed rules for currency conversion and rounding to the second digit of all prices, balances on accounts, wages and pensions, sums entered in contracts, etc.
The law is crucial as it outlines all principles, rules, and procedures for introducing the euro as Bulgaria's monetary unit. It details the methods for converting and rounding numerical values in BGN for goods and services, bank account balances, company capital, wages, pensions, and more. Additionally, it mandates dual pricing in BGN and EUR from the first month after the EU Council's decision to adopt the euro until 12 months post-introduction. So far, the stated goal is for it to be July 1, 2025. Also, prices must be displayed clearly and legibly to avoid misleading consumers.
For one month following Bulgaria's entry into the eurozone, both the lev and the euro will circulate simultaneously. After this period, the lev will cease to be legal tender. The Bulgarian National Bank will offer unlimited, free exchanges of lev banknotes and coins for euros at the official exchange rate, with no time limit. During the first six months, exchanges will also be available at banks and Bulgarian Post branches in areas without bank offices. All bank accounts will be automatically converted to euros on the date of accession, allowing withdrawals only in euros. Payments for wages, benefits, and pensions will also be made exclusively in euros from this date. The law ensures that joining the Eurozone will not alter the terms of existing contracts and legal instruments. It also stipulates that variable interest rates on loans cannot exceed their pre-euro introduction levels, while fixed interest rates remain unchanged. Violations can be reported to the Bulgarian National Bank, the Financial Supervision Commission, the National Revenue Agency, and the Consumer Protection Commission.
Furthermore, we are still expecting official deadlines and changes in multiple regulations, especially for the fiscalization. Also, everything depends on joining Bulgaria to the Eurozone and conditions that must be met before that.
In addition to the changes related to the euro, through the transitional and final provisions of the law, the proposals of the deputy from PP-DDB Bozhidar Bojanov were adopted, which open up the possibility of shops to issue electronic receipts more widely. This was already allowed at the end of 2023 by the previous National Assembly, but due to the lack of time, the texts were not refined, now giving a wider range of traders the opportunity to take advantage of this option.
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