Fiscal subject related
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.
Other news from Bulgaria
New document was uploaded: Law on the introduction of the euro in the Republic of Bulgaria (BG)
The purpose of the law is to determine the general requirements of the process of introducing the euro as an official currency in Bulgaria. The law has been voted by the national ambassador, and official introductions are still pending; after that, the other deadlines can be determined. The law has been voted, although Bulgaria has not yet met the criteria for joining the Eurozone, which is one of the most important conditions. Read more
New document was uploaded: Law on the introduction of the euro in the Republic of Bulgaria (EN)
The purpose of the law is to determine the general requirements of the process of introducing the euro as an official currency in Bulgaria. The law has been voted by the national ambassador, and official introductions are still pending; after that, the other deadlines can be determined. The law has been voted, although Bulgaria has not yet met the criteria for joining the Eurozone, which is one of the most important conditions. Read more
Bill for Amendments and Supplements to the Law on Payment Services and Payment Systems in Bulgaria
In accordance with the procedures for introducing the Euro as an official currency in Bulgaria, the state institutions are working on other related laws and regulations, step by step. Therefore, during the public consultations is introduced a draft regulation of the Law on Amendments and Supplements to the Law on Payment Services and Payment Systems, which proposes amendments that aim to prepare p... Read more
More details about the Law of the Euro in Bulgaria
As a reminder, the adaptation of Law on Euro was published at the end of August. We advise you to read more to stay focused on this topic. Read more
New education was created: Educational videos for Bulgaria
Welcome to our comprehensive overview of fiscalization in Bulgaria. We covered the legal requirements (fiscalization requirements, fiscal devices, business processes, etc.) and technical aspects (transactions, our service, and other technical-related topics) necessary for compliance. In this series of videos, we delve into various topics essential for businesses operating within the Bulgarian land... Read more
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 curren... Read more
EU to protect domestic e-commerce sellers with a cross-border tax reform
As online shopping continues to grow, the European Union is planning to implement new regulations to protect local e-commerce sellers. One significant change affects consumers who shop on international platforms like Temu or AliExpress. The EU has already taken some steps at the first sign of growing foreign e-commerce sellers, and since July 1, 2021, all goods entering the EU, regardless of their... Read more