The MPs approved, at first reading, the update of the state budget. As of 1 July a differentiated VAT rate is being put in place – for bread VAT will be zero, for natural gas supplies – 9% instead of the current 20%. VAT on wine and beer served at bars and restaurants will be 20%, up from 9%, a reduction that was introduced during the pandemic. Pensions are to go up as well.
The budget is calculated at an economic growth of 2.9% and an annual inflation rate of 11.9%, even though, according to the National Statistical Institute, annual inflation now stands at over 15%.
The most heated debates in plenary were over the increase in the debt limit to EUR 5.1 billion. Deputy Prime Minister and Minister of Finance Assen Vassilev gave as the reason for this the need to revolve old government debts.
The procedure for renewable electricity storage projects under the National Recovery and Resilience Plan is now open and proposals are being accepted. There is a lot of money, the deadlines are short and the conditions applicants have to meet are not..
The European Bank for Reconstruction and Development (EBRD) has slightly lowered its growth forecasts for the regions in which it invests. Bulgaria's economy will grow by 2.9 per cent in 2025, 0.1 per cent less than initially forecast in May...
The largest net positive flows of direct investments in the country for January - July 2024 are from the Netherlands (269.5 million euros), Austria (225 million euros) and Greece (160.5 million euros), BNB data show. According to them, the..
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