Sofia Prepares for Euro: Local Taxes and Fees to Be Recalculated
Sofia Municipality is setting up a dedicated working group tasked with converting all local taxes, fees, and service prices from Bulgarian leva to euros
The entry of the modern retail chains in Bulgaria brought mostly benefits to the country's economy, shows a survey of the Institute for Market Economy (IME).
Their presence in the country “legalized” the turnovers of the retail trade, and brought BGN 5 B to the economy in the period 2004 – 2013. In the same period those chains paid BGN 1 B in VAT.
According to the analysis of the IME, around 72% of the goods, offered in the ten largest retail chains were produced in Bulgaria and certain product categories, such as chicken meat and dairy products are totally dominated by Bulgarian produce.
Since 2007 the 10 largest FMCG chains in Bulgaria paid BGN 475 M taxes and insurance on their employees' salaries and another BGN 78 M corporate taxes. The cumulative effect of the direct and indirect taxes and of the “legalization” of the turnovers in the FMCG retail sector between 2007 and 2013 is estimated at around BGN 1.93 B.
The ten largest chains employ more than 23 000 people and pay them salaries, which are by around 38% higher than the average in the sector.
The IME quotes GfK data, according to which, in 2013 the hypermarkets, excluding discounters and cash&carry chains, held around 16% of the retail market in Bulgaria. At the same time the share of small independent stores decreased from 39% to 27% in the period between 2009 and 2013.
Vasil Levski Sofia Airport has earned top honors in Europe, receiving the prestigious ACI EUROPE award for “Best Airport in Europe” in the category serving between 5 and 10 million passengers
Wizz Air has launched direct flights between Sofia and the Italian coastal gem of Alghero,
The Bulgarian property market appears to be cooling off in the major urban centers
A new factory built with Czech investment officially opened its doors in Plovdiv
Prime Minister Rosen Zhelyazkov has reaffirmed that the “Balkan Stream” pipeline remains a functional and commercially viable energy project
Inflation in Bulgaria recorded a slight uptick in May 2025
Borderless Bulgaria: How Schengen Benefits Are Transforming Trade and Logistics
Bulgaria's Mortality Rate Remains Highest in Europe