22 May 2008

National Assembly passed on first reading the amendments in the Commercial Code stipulating for a tenfold decrease of the required initial capital for registration of Limited Liability and Joint Stock companies. The Limited liability companies registration capital is fixed to BGN 500 (five hundred), instead of the present BGN 5000, for the Joint Stock companies BGN 5000 (five thousand) instead of BGN 50 000.

Parliament adopted the amendments of the Environmental Protection Act. The Act stipulates for all damages inflicted to soil to be rehabilitated to their initial condition by the culprit and on his expense. The owners of vehicles emitting harmful gases, leading to changes in the ozone layer and the climate will be obliged to pay an ecco tax at the time of the initial registration of the vehicle. The amounts, to be determined by the Council of Ministers, will go to the Enterprise for environment protection management’s account. The Annual plan of operation and the financial report of the Enterprise will be public and approved by the Minister of Environment Protection and Waters or an authorized person.

MPs started deliberating on the Bill on amendment and supplement to the Duty Free Trade Act. The amendments foresee Duty free shops on land borders checkpoints with non EU member countries to be closed in a month after the adoption of the law.

National assembly discussed a draft resolution to increase the share of Bulgaria in Black Sea Development and Trade Bank and ratified the Loan Agreement between the Republic of Bulgaria and KfW Bank Group, Frankfurt am Main, for 4 million Euro. The loan will be used for encouragement of small and medium size enterprises in urban and rural areas of Bulgaria.