Antonio Pasolini

Business Insider

Bulgaria is the latest country to introduce green taxes on plastic bags to reduce the number of marine life-choking plastic bags. The Eastern European country uses an estimated 1.2 billion plastic bags annually.

Cereplast, which specializes in bioplastic alternatives, said on its website that the move will create a new market for its products.

"Bulgaria is the next opportunity for bioplastics and for Cereplast," said Cereplast's CEO, Frederic Scheer.

"We are well-poised to take advantage of this new demand for our bioplastic resin," he added. The Bulgarian eco tax on plastic bags is progressive, with high increases scheduled over the next few years.

The tax became effective on October 1, 2011 and requires producers and importers of traditional plastic bags to pay a tax for each bag sold with a thickness of up to 15 microns. The tax for 2011 is BGN 0.15, which is approximately 10 cents USD. The tax increases to BGN 0.35 in 2012, BGN 0.45 in 2013, and BGN 0.55 in 2014.

Cereplast said that with such high taxes the Bulgarian government is effectively banning plastic bags. The country hopes Bulgaria will follow Italy's suit in its demand for bioplastic resins following a similar ban.

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