Information about certain measures taken by governments in the Kinstellar jurisdictions in relation to the COVID-19 situation This table reflects the situation on 24 April 2020 South Eastern Europe
Bulgaria Romania Serbia Turkey
1. Travel Restrictions
1.1 Incoming Closed borders for foreigners Not allowed to fly from Spain, State of emergency in place – Land borders closed with from third countries and Italy, France, Germany, Austria, entry prohibited to all foreign Bulgaria, Greece, Iran, Georgia, individuals regardless of their Belgium, Swiss Confederation, citizens with the exception of Azerbaijan and Iraq. citizenship arriving from the United States of America, United diplomats accredited in Serbia, Passenger sea crossings between following EU Member States and Kingdom of Great Britain and foreigners with residence permits, Greece and Turkey are also members of the Schengen area: Northern Ireland, Kingdom of the crew of cargo vehicles, cargo closed. Italy, Spain, France, United Netherlands, Turkey and Iran to ships and airplanes, crew of trains Kingdom and Northern Ireland, Romania, except for several entering border stations, persons Germany, Switzerland, Austria, situations. provided by a special permit of Belgium, Iceland, Liechtenstein, Mandatory self-isolation at home the Serbian Government and Luxembourg and the Netherlands. or quarantine, as the case may persons escorting humanitarian Some categories such as be, for all persons entering convoys. individuals with extended, long- Romania, with several exceptions. All Serbian citizens entering term or permanent residence Prohibition of foreign citizens and Serbia are subjected to the 28- permit status, medical and social stateless persons to enter day mandatory quarantine. professionals and workers, Romania, with several exceptions. transport personnel, foreign International road transport of officials etc., are excluded from persons from Italy, Spain, France, the scope of the restriction. Germany, Austria, Belgium, Swiss There is a general prohibition of Confederation, the United passenger traffic with several Kingdom of Great Britain and exemptions with regard to country Northern Ireland, the Kingdom of the Netherlands and Turkey to
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Bulgaria Romania Serbia Turkey of departure, residence permit Romania during the state of etc. emergency is suspended. Mandatory quarantine for all Temporary closure of parts of the incoming Bulgarian citizens and border. foreign individuals regardless of the country of departure. The same applies for cargo transport drivers incoming from countries with registered COVID-19 cases, airplane crew with registered COVID-19 case among the passengers. Organized trips and holidays of foreign citizens in Bulgaria are suspended.
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Bulgaria Romania Serbia Turkey
1.2 Outgoing All training and business trips are No flights allowed to Spain, Italy, Medical staff is advised to avoid All international flights are prohibited. France, Germany, Austria, travelling to main COVID affected suspended. Traveling outside Bulgaria is not Belgium, Swiss Confederation, areas. prohibited, but the government United States of America, United Majority of border crossings with advises citizens to withhold Kingdom of Great Britain and neighbouring countries are traveling and to postpone or Northern Ireland, Kingdom of the closed. cancel booked holidays. Netherlands, Turkey and Iran, except for several situations. Organized tourist trips and holidays of Bulgarian citizens International road transport of abroad are suspended. persons from Romania to Italy, Spain, France, Germany, Austria, Citizens who decide to travel Belgium, Swiss Confederation, outside Bulgaria must conclude the United Kingdom of Great health insurance. Britain and Northern Ireland, the Kingdom of the Netherlands and Turkey during the state of emergency is suspended. Temporary closure of parts of the border.
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Bulgaria Romania Serbia Turkey
2. Other Restrictions
2.1 Free Restricted to going to work, Limitation and prohibition of Curfew for all citizens except Citizens at the age of 65 and Movement visiting grocery shops, movement of persons outside limited categories (e.g. police, older (except government officials pharmacies, banks and insurance their house, except for urgent authorised night shift staff) from 5 and healthcare personnel) and at offices, offices of suppliers of matters, such as food supply, pm until 5 am on working days, the age of 20 and below, as well payment services. work, medical issues etc., urgency and from 5 pm on Friday until 5am as who have low immune system Individuals visiting or moving in that needs to be confirmed by an on Monday. and chronic lung disease, asthma, public indoor premises or outdoor affidavit/employer certificate Senior citizens (i.e. 65ys+ and COPD, cardiovascular disease, spaces (including, but not limited (measure applicable 24/7); 70ys+ in villages up to 5,000 kidney, hypertension and liver to public transport, shopping Stricter measures for persons inhabitants) are prohibited to disease and those who use facilities, parks, churches, older than 65 years. leave their homes at all times, medicine that disrupt the immune monasteries, temples, halls, Pedestrian traffic outside the although it appears that they will system are not allowed outside streets, bus stops) must wear house should observe the general be allowed in due course to go to and if they violate so, an disposable or reusable protective requirements and avoid forming selected supermarkets for few administrative fine shall be face mask or other protective item any group of persons (more than hours very early on Fridays, i.e. applied. The rest of the citizens covering the nose and mouth 3 persons not living together). between 3am and 8am on Friday. are encouraged to stay inside. (including scarf etc.). Gradual prohibition of road, rail, Persons with development A mandatory quarantine for 14 Travelling to and from district maritime, river or air traffic on disorders (e.g. autistic children) days is applied to the citizens who cities is made via checkpoints and different routes and the subway. are exempt from curfew came from abroad. restrictions, and they may leave is allowed only in respect of When entering Romania, drivers All public transportation vehicles their homes at any time, commuting to work, going home of freight vehicles with maximum will temporarily accept 50% of the accompanied by maximum one or due to medical reasons (all to authorized capacity of more than passenger carrying capacity adult (parent, caretaker), but may be evidenced by respective 2.4 tonnes, not having symptoms stated in their license and not move away more than 200 documents). associated with COVID-19, fill out distanced seating will be provided. meters from their residence Separate neighborhoods in a few an affidavit indicating how they No internal travels (including bus, address cities and a small village are in full can be contacted. Same flights, personal vehicles) are mandatory quarantine with measures apply to drivers of allowed without a Travel Permit prohibition for entering and freight vehicles with a maximum Document which shall be obtained leaving. authorized capacity of more than from the governorship.
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Bulgaria Romania Serbia Turkey 2.4 tonnes that travel for Taxis with licence plates ending professional purposes. with odd and even numbers will Drivers of freight vehicles with a be in service on a rotating basis maximum authorized capacity of each day in İstanbul, Ankara and more than 2.4 tonnes, passing İzmir provinces. through Romania are not obliged No entrance and exist are allowed to fill in the above mentioned for certain provinces and districts affidavit, provided that several which have the COVID-19 cases. conditions are observed. Mandatory quarantine for thirty- Since 31 March 2020, the north- one provinces (incl. Istanbul, eastern Romanian city Suceava Ankara and İzmir) during (together with another eight weekends. communes located in the surrounding area) were placed
under quarantine. Flights, train connections and public transport routes to this area are suspended. During this period, only (i) transportation of goods and (ii) movement of persons undertaking economic, defence or public administration activities are allowed. Since 4 April Tandarei city, Ialomita county) has been placed under quarantine. Same measures from Suceava are applicable.
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Bulgaria Romania Serbia Turkey
2.2 Closures As of 13 March 2020, all public Closure of schools/universities, No public gatherings in open All public places such as schools, (public places, places such as schools, hotels/restaurants/ coffeeshops, spaces are allowed. Also, all universities, education services, shops etc.) universities, kindergartens, museums, clubs, casinos, indoor gatherings prohibited restaurants, sports, entertainment shopping centres, restaurants, shopping centres, dental offices. unless they are of special places, theatres, cinemas etc. and night clubs etc. are closed. Suspension of cultural, scientific, importance for the work of state retail facilities closed with the Exception is made for food stores, artistic, religious, sports, bodies or services. exception of groceries, pharmacies, bank and insurance entertainment or gambling, spa Schools, kindergartens, pharmacies and selected vital offices, offices of payment treatment and personal care universities, restaurants, cafes, supplies and services. services providers in the activities, held in confined spaces. shopping malls, personal care The highest number of customers commercial centres subject to activities, casinos, theatres and in the supermarkets will be one strict compliance with the sanitary gyms have been closed. Grocery tenth of the total area served and hygiene requirements. stores, pharmacies, banks, post directly to the customer and the Prohibition of eating food at dining offices are open, but their working working hours of the areas and stores of gas stations hours are shortened. supermarkets are shortened. has been introduced. Public transport of passengers is Citizens who do not have masks are not allowed to get in the Prohibition of all public events, prohibited, with the exception of supermarkets. gatherings and activities has been taxis and limo services. introduced. Prohibition of visits to Religious communities are Many banks changed their public parks, gardens and advised to perform their rituals opening and closing hours of their playgrounds. without presence of their branches as 12:00-17:00. Traveling to and from arable land members. All meetings or events (scientific, plots and farms, as well as cultural, artistic etc.) which will be functioning of farmer’s markets organized in open or closed areas are permitted. at national and international level are postponed until the end of April.
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Bulgaria Romania Serbia Turkey
3. Measures affecting certain industry sectors
3.1 Any general No restrictions except for certain Specific restrictions for certain Certain types of goods cannot be Export restrictions on protective import/ export types of medical products (see types of medical products and exported, e.g. sunflower oil, yeast, equipment (masks, gloves etc.) restrictions 3.4 below). biocidal products. flour, soap, diapers, alcohol, and ventilator machines. medical protective gear, and medicines.
3.2 Commercial All premises falling in the scope of During the state of emergency, No measures yet in place. The Directorate General of Land landlords/ tenant the adopted restriction for visits small and medium enterprises and Cadastre will not take any (see 2.2 above). that have partially or completely requests other than sale, Possibility for municipal councils ceased their activities as a direct mortgage and title deed to adopt decisions for reduction of order of the public authorities and transactions without citizen the amount of rents for municipal which hold emergency state requests until 04.05.2020. properties or partial or entire certificates issued by the Ministry payment exemption of certain of Economy, Energy and Business categories of natural or legal Environment benefit from a persons. deferral from payment of rent for premises used as a registered Upon decision of the Council of office or secondary offices. Ministers, the ministers, regional governors and heads of other agencies that have provided for rent or usage state-owned property, could reduce or exempt the rent payments.
3.3 Banks During the state of emergency, no The Romanian Government have Loan and leasing repayment The 90-day delay period that default interest and penalties will recently enacted loan moratorium moratorium in place for 90 days causes the loans to be classified be due on late payments under measures that allow bank debtors and/or not less than the duration as non-performing loans shall be credit agreements and other (whose financial situation was of the state of emergency. extended up to 180 days for First forms of financing (factoring, directly or indirectly hit by the
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Bulgaria Romania Serbia Turkey forfeiting, etc.) provided by banks coronavirus pandemic) to and Second Group loans until and financial institutions. The reschedule the repayment of their 31.12.2020. Bulgarian National Bank has loans and get a grace period of up For the loans that continue to be adopted guidelines allowing to 9 (nine) months. The debt classified in the Second Group favourable regulatory treatment of rescheduling facility is available despite the 90-days delay, banks private moratoria on loan for both natural and legal persons can continue to set aside their repayments to be fulfilled by the provided that certain requirements own risk models in calculating the commercial banks. are fulfilled. expected credit loss within the The commercial banks have The interest on the debt scope of Financial Reporting adopted on 10 April 2020 a accumulated over the grace Standards of Turkey and there will standardized procedure for period is capitalised - except for be no additional provisioning deferral and settlement of the mortgage loans of the natural obligations. obligations due under the said persons, where the accumulated Loans that are classified as type of agreements, subject to interest is set up as another loan, receivables due to restructuring specific conditions. guaranteed by the state, with 0% and whose principal / interest The payments due may be interest rate, payable in equal payments are delayed more than deferred for a period of up to 6 instalments over a 60-month 30 days within one year of months but not later than 31 period. monitoring period or are restricted December 2020. In case the once more during this monitoring private moratoria standardized period shall not have to be procedure is applied to a classified in the third group. financing instrument, it will not be The 90-day delay specified in the treated as a non-performing loan article stipulating a special for regulatory purposes by the provision of 20% of the Bulgarian National Bank and the receivables is 180 days for banks would not be required to leasing and factoring companies; apply the standard provisioning for financial leasing companies, it rules for such instruments. shall be increased to 240 days, The Bulgarian National Bank has Maximum interest rate announced a measure for implemented in the credit card
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Bulgaria Romania Serbia Turkey approximately BGN 9 bln (approx. transactions has decreased EUR 4,6 bln) in support of the effective from April 1, 2020. liquidity of the banking system, Minimum payment amount has including capitalization of the decreased to 20% effective from entire profit of the banks for 2019 April 1, 2020. (i.e. restriction on distribution of Reporting liabilities of the banks dividends), cancellation of the have relaxed in order to provide planned increase in the flexibility for banks to meet countercyclical capital buffer for minimum ratios regarding liquidity 2020 and 2021, and reduction of levels. the foreign exposures of the commercial banks. In case the minimum amount in the credit card is not paid within The capital of the Bulgarian three months of the due date, the Development Bank will be card issuers may define grace increasing by BGN 500 mln periods through not requesting (approx. EUR 255 mln) for their receivables, including portfolio guarantees to minimum amount, from the credit commercial banks and temporary card holders until December 31, equity investment in affected 2020. businesses with a buyback option. Another BGN 200 mln. (approx EUR 102) will also be provided to the Bulgarian Development Bank be used for issuance of guarantees to commercial banks for interest-free loans of up to BGN 4,500 (approx. EUR 2,300) to individuals, affected by the pandemic.
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Bulgaria Romania Serbia Turkey The Fund Manager of Financial Instruments in Bulgaria will provide guarantees to banks worth BGN 170 mln (approx. EUR 87 mln), which will secure a portfolio of new loans up to BGN 850 mln (approx. EUR 435 mln) within the current year for the purpose of provision of liquidity support to SMEs active in different sectors, including those most affected by the crisis.
3.4 Pharma and During the state of emergency, Prohibition of export of medical Export of medicines from Serbia is All masks will be provided freely medical devices the parallel export of medicinal devices and sanitary materials prohibited, with the exception of by the relevant bodies of products, export of quinine-based that ensure the prevention and medicines owned by foreign government upon the request medicines is prohibited. treatment of COVID-19 persons which are shipped whereas the sale of masks with Prohibition on the export of associated diseases/ drugs for through Serbian territory and an amount of money is not available protective gear and distribution outside the territory of medicines which do not have allowed. disinfectants. Romania, except for (i) medical marketing authorization in Serbia, The customs duty on the import of devices and sanitary materials manufactured by Serbian ethyl alcohol used in the manufactured in Romania and manufacturers for foreign production of cologne and which are delivered under a customers. disinfectants and additional contract and (ii) drugs During the state of emergency, it customs duties used in medical manufactured by the producers is possible to market and apply masks and respirators have been based in Romania, as well as medical devices which have not set to zero. drugs transiting Romania and been manufactured in accordance destined for other markets. with applicable standards, if a distributor: ▪ delivers one copy of description of technical characteristics and
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Bulgaria Romania Serbia Turkey user manual, translated to Serbian; ▪ provides a statement that the medical device in question is efficient as devices manufactured in accordance with manufacturing standards; ▪ provides a statement that it will provide training for medical professionals that will use such device; ▪ provides a commitment that it will provide spare parts and services for a certain period.
3.5 Other Only as described above - leisure Prohibition to export (i) raw N/A Law on Amendments of Certain industry due to mandatory materials used in the manufacture Laws has been approved and shutdown. Aviation, bus and of TP1 and TP2 biocidal products published in the Official Gazette railway sector due to restriction of and (ii) TP1 and TP2 biocidal on March 26, 2020. Under the international and local travel. products, except for raw materials Law, the following measures will Public sector due to suspension manufactured in Romania / be provided: of work of administration, courts, biocidal products manufactured (i) all judicial and administrative public enforcement agents etc. by Romanian producers or periods have been suspended Tourism sector due to cancelled producers from EU countries as of April 30, 2020; based in Romania, as well as raw or postponed holidays. (ii) all enforcement and materials / biocidal products Agriculture and stock-breeding bankruptcy proceedings transiting Romania and destined sectors due to difficulties for (excluding those related to for other markets outside realization of the production. child support payment) are Romania. suspended until the end of April;
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Bulgaria Romania Serbia Turkey (iii) a minimum wage support will be provided to the employees who lost their jobs; (iv) lessors will not be able to terminate leases or commence eviction processes in relation to workplace tenancies for failure to pay rent during the period between 1 March 2020 and 30 June 2020; (v) for the part-time, on-call and hourly working employees who work for 20 days or less in a month, the condition of the general health insurance premiums pertaining to the missing days to be completed to 30 days has been changed to apply to such employees who work for 8 days or less in a month; and (vi) in case the delayed payment of check debts is paid or restructured until 31 December 2020, it will not be considered by credit institutions and financial institutions.
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Bulgaria Romania Serbia Turkey Working hours and flexible working opportunities will be re- organized in private sector. All court hearings have postponed until April 30, 2020. The Governorship of İstanbul has decided to suspend all ferryboat and sea bus services (passenger transportations). Vehicle inspection periods are extended for 3 months with regard to the vehicles of whose inspection period has been expired. Health Care Pricing Commission has decided the pricing and invoicing of COVID-19 treatments provided in the hospitals and treatments will be covered by the universal insurance.
4. Subsidies and financial support available from governmental side
4.1 General for The approved Law on measures The Romanian state pays the I. Tax policy measures ▪ Postponement in loans for min. businesses and and actions during the state of indemnity for technical 1. Deferral of payment of salary 3 months for companies with employers emergency introduces provision unemployment, within the limit of tax and social security disrupted that cash flow of subsidy for payment by the 75% of the gross salary contributions for the private ▪ Stock financing support for National Insurance Institute of corresponding to the occupied job sector until beginning of fiscal Exporters. remunerations and social security position, but not more than 75% year 2021 with possibility of contributions for the remuneration of the national gross average additional extension. Deferred
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Bulgaria Romania Serbia Turkey in the amount of 60 per cent of salary (employees whose obligations will subsequently be ▪ Tax statements re. deductions the employees’ remuneration that individual employment repaid, in not more than 24 at source (e.g. Withholding) will will apply to certain employers agreements are suspended due monthly instalments without be postponed for 3 months. meeting criteria to be determined to temporary calculated late payment Temporary income support (via by the government. The law also interruption/reduction of employer interest. Short-time Working Allowance provides for simplified procedure activity during the emergency 2. Deferral of payment of given to employer) will be for granting support from state). corporate income tax advance provided to workers in workplaces European funds. Other professionals as defined by payments for second quarter of that halted their activities. BGN 500 mln. (approx. EUR 255) the Romanian Civil Code will 2020. Three public banks postpone the have been provided to the benefit of an indemnity of 75% of 3. VAT exemption for donation of loan debts and provide extra Bulgarian Development Bank the national gross average salary. goods with a goal of motivating loans for the employers in order to which will be used in support of Increase the limits for donations to the institutions provide for paying the salaries of SMEs in difficulty due to COVID- guaranteeing loans for SMEs, which are involved in the employees and these banks 19 either through equity through the National Credit implementation of measures for will provide “Stay in Business investment (with buy-back option) Guarantee Fund for SMEs, with protection from the disease. Support Loans” to all companies or through guarantees to RON 5 billion in a first phase. Respective measures will apply in all sectors for their operational commercial banks that will The Romanian state will subsidize equally to all companies capital needs. provide cheaper financing. 100% of the interest on irrespective of their size or The deadline for the declarations The Fund Manager of Financial guaranteed loans to SMEs economic strength. regarding Annual Income Tax, Instruments in Bulgaria has starting from the moment the loan II. Measures of direct financial withholding tax, VAT, Form “Ba- introduced a program for is granted until 31 March 2021 aid to private sector Bs” notifications and creating and supporting SMEs through and afterwards only if certain signing e-Books and “Electronic 1. Direct aid to entrepreneurs, provision of turnover funds in the conditions are met. Book Licences” have postponed form of long-term loans up to 10 micro, small and medium size SMEs obtaining the Emergency until 30 April 2020. years as a temporary measure to companies in the amount of Situation Certificate are entitled to Withholding tax, VAT, Form Ba-Bs support enterprises. minimum net salary for each defer the payment of the utility and e-Books are postponed for six Consideration is given to the employee during the state of services and the payment of the months for several sectors that possibility that the loans may be emergency (cca. RSD 30,000; rent for the premises that affected most due to the outbreak interest-free for enterprises that approx. EUR 250). It is represent their main or secondary and for taxpayers that fall under have retained the employment envisaged that this measure registered offices. This facility is will include payments for up to
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Bulgaria Romania Serbia Turkey volume they had before the crisis. also applicable to other categories three minimum monthly the scope of the mandatory An extended grace period for the directly affected by the COVID-19 salaries per employee. lockdown requirement. principal is envisaged as well as pandemic (e.g. lawyers). 2. Direct aid to large companies in As per the Presidential Circular an opportunity for an interest SMEs holding the Emergency the amount of 50% of minimum numbered 31087 and dated grace period for the crisis period Situation Certificate are entitled to net salary (cca. RSD 15.000, 02.04.2020, the obligations of the is being discussed with the invoke the force majeure in approx. EUR 125) for each government contractors under responsible institutions. Another relation with their other ongoing employee on paid temporary Public Procurement Contracts measure introduces possibility for agreements, if such companies leave in accordance with Law can be suspended small start-ups to apply for loans prove (based on supporting Articles 116 and 117 of the temporarily or permanently, in amount up to BGN 50,000 documents or by any mean, Labour Law. partially or completely, upon their (approx. EUR 25,000) with including electronic means) their Listed measures will not limit request and provided that it is preferential terms. The Fund also attempt to renegotiate such number of employees who are proven that fulfilment of their aims at increasing the flexibility of agreements so that to be adapted on paid temporary leave by obligation became impossible due the resource developed in the in accordance with the employer’s decision, nor to the COVID-19 outbreak. As a field of venture investments exceptional conditions caused by amount of rights which is result of the assessment of the through shares in start-ups and the state of emergency. determined by employer during relevant administrative body, the innovative enterprises. the leave. period may be extended or the Another measure introduced agreement may be terminated. III. Liquidity measures for possibility for agricultural private sector Maximum investment and producers to apply for interest- business loan cap limit extended 1. Financial support through free loans to cover cultivation and from TL300,000 to TL 3 million for loans for perseverance of production costs. SMEs. liquidity and working capital
for entrepreneurs, micro, Neither over 25% of 2019’s net small, medium entities, dividend nor the dividend of agricultural farms and previous years shall be cooperatives. As a part of the distributed. Program, Serbian Social security payments have Development Fund will offer been extended. loans in the total amount of RSD 24 billion (approx. EUR
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Bulgaria Romania Serbia Turkey 200 million). Repayment Salary confiscation deductions will period will be 36 months with continue during outbreak. 12 months grace period. Maximum financial support is
also envisaged: ─ up to RSD 5 million (approx. EUR 40,000) for entrepreneurs and micro entities; ─ up to RSD 25 million (approx. EUR 200,000) for small entities; and ─ up to RSD 50 million (approx. EUR 400,000) for medium entities. 2. Financial support through guarantee scheme provided by the state to commercial banks which are present in Serbia, for loans in EUR and RSD for perseverance of liquidity and working capital for entrepreneurs, micro, small, medium entities and agricultural farms. Repayment period will be 36 months with 12 months grace period. Maximum value of the loan which can be granted through this program is envisaged to be
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Bulgaria Romania Serbia Turkey 25% of revenues in 2019 or EUR 3 million. Payment of dividends for all companies, except for public enterprises, is prohibited. Decrees and bylaws which will define the exact manner of implementation of these measures are yet to be reached by the state.
4.2 To specific Special measures adopted by the During the emergency state the Some sectors may be given ▪ April, May and June 2020 VAT, sectors Bulgarian National Bank for the prices for electricity and heat, special support (e.g. hospitality). withholdings and social security normal functioning of the bank natural gas, water supply, premium payments postponed system (see 3.3 above). sanitation and fuels were capped. for 6 months in Retail, Shopping Public discussions on adopting Any selling/buying of majority Mall, Iron and Steel, financial measures for the health stakes in companies which are Automotive, Logistics, care sector. part of the national energy system Transportation, Cinema and Theatre, Accommodation, Simplified procurement procedure are suspended. Catering, Textile and Garment has adopted for this purpose. and Event-Organization sectors. Support for the agricultural sector ▪ The VAT rate will be decreased is also under discussion. from 18 percent to 1 percent in domestic air transportation for 3 months. Accommodation Tax (City Tax) for hotels will not be until November. Electricity Market License Regulation has accepted COVID- 19 as a force majeure whereas
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Bulgaria Romania Serbia Turkey the performance of certain liabilities of the electricity generation license and pre-license owners have been extended.
4.3 To Please see above p. 3.3. Days off for parents caring for Direct aid to Serbian citizens older ▪ Remote work or flexible work employees and The Minister of Employment and children due to school closures - than 18 year through one-off opportunities may be provided individuals Social Policy has announced that one of the parents is entitled to payment in the amount of EUR to the employees in public a procedure for provision of one- days off from work in the event 100 for the purpose of stimulation sector provided that a minimum time compensation of families that schools are closed. These of domestic demand. number of employees are with parents in unpaid leave will employees will benefit of an working be developed. allowance of 75% of their salary ▪ Social credit packages with low for a working day, without interest rates exceeding 75% of the gross ▪ Min. down payment for average salary. The allowance for mortgages will be lowered to each day of leave is paid by the 10% from 20%. employer and re-reimbursed by the State-controlled Guarantee Continue of min wage support Fund for Unpaid Salaries. TL 1,000 will be provided for each of the individuals who need financial support. Certain municipalities and organizations also provide food and fundamental needs of such individuals. Needs of the citizens at the age of 65 or older will be provided by the Social Support Groups. President of the Republic of Turkey and some municipalities
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Bulgaria Romania Serbia Turkey have started a financial aid campaign. The conditions for the payments subjected to the Residence Account and State Aid Regulation have been eased. Pursuant to the Law No.7244 on Reducing the Impacts of COVID- 19 Outbreak on Economic and Social Life and Amending Certain Laws which was published in the Official Gazette on April, 17, 2020, with number of 31102 (the “Law No.7244”), termination of the Employment Agreements (excluding the termination due to immoral, dishonourable or malicious conduct or other similar behaviour) of the Employees will not be allowed for three months (it may be extended to six months upon the decision of the President). Therefore, in cases where the prohibition of termination is applied, the employer can arrange to leave the employees entirely or partially for unpaid leave within a period of 3 months, whereas the employees cannot terminate their
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Bulgaria Romania Serbia Turkey Employment Agreements due to unpaid leave.
5. Measures taken by central banks
5.1 Steps taken Please see above p. 3.3. The National Bank of Romania No charging of interest while loan N/A with regard to decided the following: repayment moratorium is in place. interest rate ▪ to cut the monetary policy rate (most recent by 0.50 percentage points, from and expected) 2.5 percent to 2.0 percent starting 23 March 2020; ▪ to narrow the symmetrical corridor defined by interest rates on standing facilities around the monetary policy rate to ±0.5 percentage points from ±1.0 percentage points. Thus, starting 23 March 2020, the deposit facility rate stays at 1.50 percent, while the lending (Lombard) facility rate is lowered to 2.50 percent from 3.50 percent. Against this background, the main ROBOR rates are expected to witness a significant downward adjustment.
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Bulgaria Romania Serbia Turkey
5.2 Steps taken No steps taken so far: the No measures yet. N/A Turkish lira currency swap or expected with Bulgarian National Bank declared auctions, with a maturity of 1 year, regard to local that it will apply measures (not which depends on quantity currency specified) for ensuring the normal auction method will be conducted functioning of the currency board and the banks will be provided and to adopt additional if with Turkish lira liquidity against necessary. US dollars, euros and gold.
5.3 Use of The action plan does not provide The National Bank of Romania N/A The companies may apply to foreign currency such measures at the current declared that it stands ready to intermediary banks and exchange reserves moment. proceed to cutting the minimum their current bills for a bill with an reserve requirement ratios on leu up-to- 90-day-longer maturity, - and foreign currency - without making any repayment. denominated liabilities of credit FX reserve requirement ratios institutions, if necessary. may be decreased by 500 basis points in all liability types and maturity brackets for the banks of which the real credit growth conditions are met.
5.4 Other No other steps. Other measures taken by the N/A The banks will be provided with as important steps National Bank of Romania: much liquidity as they need within ▪ to provide liquidity to credit standing facilities. institutions via repo transactions (repurchase transactions in government securities) with a view to ensuring the smooth functioning of money market
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Bulgaria Romania Serbia Turkey and of other financial market segments; ▪ to purchase leu-denominated government securities on the secondary market with a view to consolidating structural liquidity in the banking system that should contribute to the smooth financing of real economy and the public sector.
6. Other
6.1 Trustworthy Bulgarian National Bank Romanian National Bank The Government of the Republic of https://www.tccb.gov.tr/en/ English language (http://www.bnb.bg/?toLang=_EN) (https://www.bnr.ro/Home.aspx) Serbia (https://www.srbija.gov.rs/) https://www.saglik.gov.tr/Genel/Mans sources Ministry of Foreign Affairs etHaberList.aspx (https://www.mfa.bg/en/) https://www.tcmb.gov.tr/wps/wcm/con Ministry of Health nect/en/tcmb+en (https://www.mh.government.bg/en/) Bulgarian Industrial Association (https://en.bia-bg.com/) Bulgarian Development Bank (https://bbr.bg/en) Fund Manager of Financial Instruments in Bulgaria (https://bbr.bg/en)
6.2 Other All employers are obliged to During the state of emergency, All employers are obliged to Government offices are obliged to facilitate work from home for all the statute of limitation and the facilitate work from home for all facilitate work from home where employees for whose work places lapse terms are frozen, or employees for whose work places possible while maintaining the such work can be organised. suspended if such deadlines such work can be organized. All continuity of the services. For Employers have several other started to lapse. schools, universities and government officials who are not
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Bulgaria Romania Serbia Turkey options: (i) to discontinue the work Measures regarding the kindergartens are closed down suitable for working from home operation of the undertaking or a judgement of civil cases: (long-distance learning in place). will be considered on paid leave. part thereof; (ii) to introduce ▪ the activity of the national Long distance learning is in place reduced working hours; (iii) to courts is generally suspended, for education. send employees on up to one half but it continues in cases of of their annual paid leave. special urgency; Employers shall pay heed to the ▪ foreclosure proceedings provision and proper utilization of continue only in cases where it personal and collective protective is possible to comply with the equipment, as well as to sanitary discipline rules; conducting additional safety ▪ deadlines for exercising instructions to the employees. appeals in cases that are not All procedural deadlines in the of special urgency and which court, arbitration and enforcement are in progress at the date of proceedings, as well as limitation the establishment of the state periods and deadlines for of emergency are interrupted. implementation of instructions given by administrative authorities, have been suspended. Certain tax deadlines have been extended. Notary proceedings are limited to urgent cases. During the state of emergency the court and the Competition Protection Commission are permitted to hold remote hearings, including via virtual connection. The immediate preparation and publishing of the
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Bulgaria Romania Serbia Turkey minutes, as well as video recording of the hearing are required. The deadline for filing annual financial statements is extended to 30.09.2020. The deadline for submission of declaration on lack of company’s activity for the year 2019 is extended to 30 June 2020. The deadlines for publishing 6-month financial statements of public companies and conducting General Shareholders’ Meeting under the Public Offering of Securities Act are extended until 30 September 2020. The deadline for publishing the annual financial statement is extended to 31 July 2020.
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