On March 23, the Parliament accepted the presidential veto and rejected the disputed provisions of the Emergency Act. MPs voted by a majority for the removal of higher penalties for false news related to coronavirus and ceiling prices for basic goods and medicines. The new texts in the Consumers’ Protection Act, which impart fictitious prices in the event of an emergency and out-of-office situation, are also rejected.

On March 24, the law was promulgated in the State Gazette and entered into force.

At a glance

  • Emergency Measures Act – promulgated.
  • Submission of Inactivity declarations – June 30, 2020.
  • Submission of the AFS – September 30, 2020.

Some of the measures, related to the business

  • The effects of delayed payment of individuals’ obligations, including interest and penalties, as well as non-monetary consequences such as preliminarily due payment, contract termination and seizure of property, shall not apply until the state of emergency is lifted. Enforcement measures under the Tax and Insurance Procedure Code are suspended, but the actions carried out remain valid.
  • In the case of private law obligations, the rule is to suspend all announced public sales and holdings. In addition, no account preservation orders are imposed on bank accounts of individuals, remunerations and pensions, and no inventory of property and property of individuals. But there is an exception – unless maintenance obligations are collected, for damage caused by malpractice and for claims for remunerations.
  • Managing authorities of European Structural and Investment Funds shall have the right to unilaterally amend agreements and to sign new ones under simplified rules, including without the publication of a call for proposals.

Extension of the time deadlines under tax laws

  1. The deadline for the submission of the annual financial statements shall be extended to 30 September 2020.
  2. By law, by 31 March, all commercial companies that have not been active in the previous year must file a declaration with the Registry Agency. That period shall be extended until 30 June 2020.
  3. The period for declarations under the Personal Income Tax Act has also been extended to 30 June 2020.
  4. The Emergency Act introduces some specific rules for advance payments under the Corporation Tax Act, according to when the annual tax return is filed (see §25 of the law). June 30 is the new term for the tax on expenses under art. 217, para. 2 of the CTA.

Read the full Act in Bulgarian

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