issue 169 july - august 2016
AmCham Business: Sustainability Reporting Becoming a Must for Business AmCham Supports EU-U.S. Privacy Shield
Member Advice: EU Blue Card, Cloud Privacy Protection, Lifelong Learning Process Analyses: Tax Noose Tightens on Fuel Traders 200 Kilometers of Sand Europe and Turkey After Brexit: Love’s Labour Lost Olá, Rio Bar Act Amendments Receive Heated Debates
American Chamber of Commerce in Bulgaria
Business Park Sofia, Mladost 4 Area, Building 2, Floor 6, 1766 Sofia Tel.: (359 2) 9742 743 Fax: (359 2) 9742 741 homepage: www.amcham.bg e-mail: [email protected] COMFORT YOUR SOUL! MASTERTENT - European quality and innovation
Tents are 100 % waterproof. The possible uses of a Mastertent folding tent is endless both indoors and outdoors. Folding tent with awning: for a professional appearance on markets, fairs, exhibitions etc. Elegant folding tent with scalloped valance: is the folding tent with tasteful design for special occasions. Folding tent “Rescue“: ideal for emergency cases because in dangerous situations every second counts. In addition to this the individual printable surfaces of your MASTERTENT make it a perfect advertising opportunity. You can give your folding tent more personality by customizing it with the different coloured tent frames and different coloured fabrics. Every Mastertent folding tent is easily set up in just ONE MINUTE without tools, professional staff and loose parts.
Right Rental is exclusive representative for Bulgaria 0700 13 700, [email protected], www.rightrental.net editorial
Before and After Times
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LVVXHVDV=LNDYLUXVVHFXULW\SUREOHPVGRSLQJVFDQGDO5HDGRXUIHDWXUHRQSDJH AmCham Bulgaria Magazine May - June 2016
/RRNRXWIRUPRUHEXVLQHVVWRSLFVLQWKH$P&KDPPHPEHU¶VDQDO\VHVVHFWLRQ RQWKH(8%OXH&DUG E\(UQVW page 1 6LQFHUHO\ ,ULQD%DFKHYD (GLWRULQ&KLHI contents issue 169 july - august 2016 AmCham Bulgaria Magazine is a primary forum for political and economic analyses, news, viewpoints as well as for the presentation of new business opportunities. The articles in the AmCham Bulgaria Magazine express the opinions of the authors and do not necessarily reflect the position of the American Chamber of Commerce in Bulgaria. 3XEOLVKHU :ULWHUV $PHULFDQ&KDPEHURI&RPPHUFHLQ%XOJDULD %R\NR9DVVLOHY %XVLQHVV3DUN6RILD0ODGRVW$UHD 0DULQD7]YHWNRYD %XLOGLQJ)ORRU6RILD%XOJDULD 0LQD*HRUJLHYD 7HO &RQWHQW$GYLVRU 7KH$P&KDP%XOJDULD0DJD]LQHUHDFKHVDEURDGDXGL &KULVWRSKHU.DUDGMRY HQFHRI$P&KDPPHPEHUVOHDGLQJ86%XOJDULDQDQG LQWHUQDWLRQDOFRPSDQLHV86DQG%XOJDULDQGHFLVLRQPDN HUVDOO$P&KDPVDURXQGWKHZRUOG 6XEVFULSWLRQLVIUHHRIFKDUJH,I\RXZRXOGOLNHWRVXE ,661 ; VFULEHWR$P&KDP%XOJDULDSXEOLFDWLRQVSOHDVHFRQWDFW WKH$P&KDP%XOJDULDRIILFH 2 AmCham Bulgaria Magazine July - August 2016 - August July Magazine AmCham Bulgaria amcham bulgaria Board of Directors of the American Chamber of Commerce in Bulgaria President Ms. Krassimira Chemishanska Amgen Bulgaria Vice President Mr. Venislav Iotov AIG Europe Limited (Bulgaria Branch) Contents Vice President Mr. Alex Nestor Individual Member Treasurer Ms. Stanislava Taneva Citibank Europe Plc, Bulgaria Branch cover story Members Mr. Iravan Hira Hewlett Packard Enterprise Bulgaria Mr. Petar Ivanov Microsoft Bulgaria %DU$FW$PHQGPHQWV5HFHLYH+HDWHG'HEDWHV. . . . . 4 Mr. Stoyan Ivanov The Coca-Cola Company Bulgaria By Marina Tsvetkova Mr. Sergey Koinov AG Capital Mr. Olivier Marquette AES Bulgaria analyses Mr. Solomon Passy Atlantic Club Bulgaria Ms. Zlatina Ruseva-Savova individual member 7D[1RRVH7LJKWHQV Mr. Plamen Zhechev Cisco Systems Bulgaria RQ)XHO7UDGHUV ...... 10 Ex-Officio Member Ms. Maria Galindo Senior Commercial Officer, U.S. Embassy By Marina Georgieva Executive Director Mr. Valentin Georgiev .LORPHWHUVRI6DQG...... 12 3M Bulgaria EOOD . AA KRES EOOD . AbbVie EOOD . Abrites . Accedia . Actavis Bulgaria EAD . (XURSHDQG7XUNH\DIWHU%UH[LW Adecco Bulgaria Ltd. . ADM Bulgaria Trading EOOD . Advance International Transport EOOD . AES Corporation ...... 16 . AFA OOD . AGORA-IN Ltd. . AIG Europe Limited (Bulgaria Branch) . AIMS Human Capital . Albena AD /RYH¶V/DERXU/RVW . Alcomet AD . Alcon Bulgaria EOOD . ALD Automotive OOD . All Channels Communication . Alliance One By Boyko Vassilev Tobacco Bulgaria . Allied Pickfords Bulgaria . America for Bulgaria Foundation . American College of Sofia . American English Academy . American Research Center in Sofia . American University in Bulgaria (AUBG) . Amgen Bulgaria EOOD . Amway Romania Marketing Srl. . Anglo-American School of Sofia . AON Bulgaria . Apis 2Oi5LR ...... 20 Europe JSC . APOLO Ltd. . Architect Nikolay Mihaylov Galabov . Architectural Agency Kadinovi Bros LTD . Arexim Engineering . Ashtrom International Ltd. . Association Srednogorie Copper Industrial Cluster . Astra Zeneca committee reports Bulgaria EOOD . AT Engineering 2000 Ltd. . Atlantic Club Bulgaria . Atos IT Solutions and Services EOOD . Attica Eva AD . August Research . Auto Bavaria Ltd. . Auxionize Jsc . AVAir Ltd. . AVON Cosmetics Bulgaria . AW-Tronics LLC . Axway Bulgaria EOOD . Baker Tilly Bulgaria . Balkan Star Automotive EOOD . 6XVWDLQDELOLW\5HSRUWLQJ Ballistic Cell Ltd. . Baxter Bulgaria EOOD . BG Radio . BICA International Ltd. . BMG Ltd. . BMW Vertriebs %HFRPLQJD0XVWIRU%XVLQHVV ...... 22 GmbH - Branch Bulgaria . BNP Paribas S.A. - Sofia Branch . Bojinov & Bojinov . BOYANOV & Co. . Braykov's Legal Office . British American Tobacco Bulgaria . Brown-Forman Bulgaria Ltd. . Bulgarian Charities Aid Foundation $P&KDP6XEPLWV3URSRVDOV (BCAF) . Bulgarian Executive Search Association . Bulgarian International Television . Bulgarian Property ...... 23 Developments EOOD . Bulgarian Tennis Federation . Bulgarian-American Commission for Educational Exchange Fulbright RQ&RQFHVVLRQV$FW . Bulgarian-American Credit Bank . BulPros Consulting JSC . Bulstrad Life Vienna Insurance Group . Business Intellect Ltd. . Business Park Sofia EOOD . C3i Europe EOOD . CAD R&D Centre Progress Ltd. . Cargill . $P&KDP6XSSRUWV(8863ULYDF\6KLHOG ...... 23 Castello Precast OOD . Center for the Study of Democracy . CEZ Bulgaria EAD . Chaos Software ltd. . Cheque Dejeuner Bulgaria Ltd. . Cibank JSC . Cisco Systems Bulgaria . Citibank Europe Plc, Bulgaria Branch . CMS amcham events Cameron McKenna LLP - Bulgaria Branch . Coca-Cola Enterprises Services Bulgaria EOOD . Coca-Cola HBC Bulgaria AD . Coface Bulgaria Credit Management Services EOOD . COLLIERS International Bulgaria . Comverse Bulgaria ...... 24 . Congress Engineering Ltd. . Contitrans M Ltd. . ContourGlobal Maritsa East 3 AD . Curtis / Balkan Ltd. . $P&KDP&HOHEUDWHV,QGHSHQGHQFH'D\ DA Travel Ltd. . Danailov, Drenski, Nedelchev & Co. . Delchev & Partners Law Firm . Deloitte Bulgaria EOOD . denkstatt Bulgaria OOD . Dentsu Aegis Network Bulgaria OOD . Deutsche Bank AG . Devin AD . DHL Express member news & analyses Bulgaria Ltd. . Diamed Ltd. . Dimitrov, Petrov & Co. . Djingov, Gouginski, Kyutchukov, & Velichkov . Dobrev & Lyutskanov Law Firm . Dr. Greenberg Medical Center . Drujba Glassworks SA . Dundee Precious Metals Inc. . ,/HDUQHGD/RWLQ$OWHUQDWLYH'LVSXWH5HVROXWLRQDQG DuPont Bulgaria EOOD . EcoPack Bulgaria AD . Edenred Bulgaria . Ekoterm Proekt EAD . Ekotoi - Service Ltd. . Ekzotika EOOD . EL-A-Project Ltd. . Electron Progress EAD . Eli Lilly and Company . Eltrak Bulgaria 3XEOLF+HDOWK/DZZLWK+XEHUW+XPSKUH\3URJUDP Ltd. . EMC Computer Systems Austria GmbH . Emerson Process Management . EnergoService AD . VD\V0DUL\D6KDUNRYDDKHDOWKFDUHODZ\HUIURP Engineeringservice Sofia Ltd. . Enterprise Communications Group OOD . EOS Matrix Ltd. . EPAM Systems Bulgaria . EQE Control OOD . Ernst & Young Bulgaria EOOD . ESRI Bulgaria Ltd. . Eurobank Bulgaria . European 3ORYGLY ...... 26 Bank for Reconstruction and Development (EBRD) . European Trade Center EOOD . EVS Translations Bulgaria . Expat Capital . Experian Bulgaria EAD . FairPlay International . Fama Consulting OOD . Flying Cargo Bulgaria :DOOWRSLD%XLOGV&ROOLGHU Ltd. - Licensee of FedEx . Force Delta Ltd. . Forton AD . Foundation Glob@l Libraries - Bulgaria . Founders $FWLYLW\&HQWHU ...... 27 Foundation . Galardo Real Estate . Garitage Investment Management EOOD . Gasstroymontaj Jsc . General Electric International . Georgiev, Todorov & Co. . Geostroy AD . Geotechmin OOD . Geotrading AD . GfK /LIHORQJ/HDUQLQJ Bulgaria, Market Research Institute EOOD . Gi Group . GIFTA . Grand Hotel Sofia . GSK . GTC Bulgaria . Gugushev & Partners Law Office . Harley-Davidson Sofia . Helios Power Jsc . Hewlett-Packard Enterprise . .H\7UHQGLQ3HRSOH0DQDJHPHQW ...... 28 Hilton Sofia . Holzindustrie Schweighofer . Honeywell EOOD . Hotel Marinela Sofia . HP Inc Bulgaria EOOD . Hydroenergy Company JSC . IBM Bulgaria . ICAP Bulgaria JSC . IDC Bulgaria . Ideal Standard - Vidima 5LJKW5HQWDO±WHQWVHTXLSPHQW AD . Imperial Tobacco Bulgaria EOOD . Industrial Holding Bulgaria . Ingram Micro SSC EMEA EOOD . InterConsult DQGVHUYLFHVIRUVSHFLDOHYHQWV ...... 29 Bulgaria Ltd. . Interlang Ltd. . International Legal Advice center - ILAC . Intertek BA . Intracom Bulgaria EAD . Investbank JSC . Investor BG AD . IP Consulting Ltd. . Japan Tobacco International Bulgaria . Jobs.bg &KDQJHVDQG&KDOOHQJHVLQWKH1HZ5HJXODWLRQ EOOD . JobTiger Ltd. . Johnson & Johnson Bulgaria EOOD . Junior Achievement Bulgaria . KAI Group . Kalamaris Group . Kambourov & Partners Attorneys at Law . Kamenitza AD . Katilin Popov Enforcement Officers RQ&OLQLFDO7ULDOVRQ0HGLFLQDO3URGXFWV ...... 30 . Kempinski Hotel Grand Arena Bansko . Kinstellar . Kolcheva, Smilenov, Koev and Partners Law Firm . KPMG Bulgaria OOD . LANDMARK Property Management AD . Law Firm McGregor & Partners . Lexim Sofia Co. Ltd. . By Roman Stoyanov, Lora Georgieva, Penkov, Markov & Partners Lindner Immobilien Management EOOD . Lirex BG Ltd. . M3 Communications Group, Inc. Hill+Knowlton Strategies Partner AmCham Bulgaria Magazine July - August 2016 . Maria Vranovska, MD, MBA . Mars Incorporated Bulgaria EOOD . Marsh LLC. . MBL| Part of the CBRE Affiliate &ORXG3ULYDF\'DWD3URWHFWLRQ Network . Medical Center AmeriMed . Megatron EAD . Mellon Bulgaria EAD . Merck Sharp & Dohme Bulgaria 5HODWLQJWR3ULYDF\6KLHOG ...... 32 . MetLife Europe Ltd. - Bulgaria Branch . Microsoft Bulgaria . Miltech Ltd. . Minstroy Holding Jsc . Mnemonica . Mobiltel EAD . Monbat Plc. . Mondelez Europe Services GMBH - Bulgaria branch . Moten Sport . Moto- By Mitko Karushkov, Attoney at Law, Partner, Head of Technology, Media Pfohe Ltd. . Mr. Alex Nestor . Mr. David Hampson . Mr. Jean Talmon . Mr. Kalin Kostov . Mr. Nikolay Ouzounov . Ms. Kalinka Kovatcheva . Ms. Margarita Radeva, CPA . MTAC . Municipal Bank Plc . Musala and Telecommunications Law (TMT), Kambourov & Partners, Attorneys Soft AD . Mylan EOOD . National Network for Children . NDB Ltd. . Nemetschek Bulgaria . NEXTDOOR at Law Ltd. . Novacon Bulgaria Ltd. . Novotel Sofia . On Bulgaria Ltd. . Oracle East Central Europe Limited - Branch Bulgaria . Orak Group Europe Ltd. . Orbit Ltd. . Panchim Ltd. . PANDA - IP Ltd. . pCloud . Pedersen 2QWKH/RRNRXWIRU)RUHLJQ+LJKO\4XDOLILHG & Partners . Penev LLP . Penkov, Markov & Partners . Pfizer Luxembourg SARL Branch Bulgaria . Philip Morris Bulgaria EOOD . Philips Bulgaria Ltd. . PPD Bulgaria EOOD . Premier Luxury Mountain Resort . Premier Tours 3URIHVVLRQDOV±'R:H'R%HWWHUWKDQ Ltd. . Prestige 96 AD . Provident Financial Bulgaria Ltd. . PSG Payroll Services Ltd. . PwC Bulgaria . 2WKHU(8&RXQWULHV" ...... 33 Quintiles Bulgaria Ltd. . Radisson Blu Grand Hotel . Raiffeisen Investment Bulgaria EOOD . Raiffeisenbank Bulgaria EAD . Red Devil Catering Plc . Refan Bulgaria Ltd. . Regus Bulgaria Ltd. . Renault Nissan Bulgaria SRL . page By Iveta Stoyanova, | People Advisory Services | Consultant, Ernst & Right Rental Ltd. . Roche Bulgaria EOOD . RSM BX Ltd. . S&T Bulgaria EOOD . Sanofi - Aventis Bulgaria 3 EOOD . Santa Fe Relocation Services . Sb Accounting and Consulting . Schenker EOOD . Schneider Electric Young Bulgaria EOOD Bulgaria . SECTRON . Sensata Technologies Bulgaria EOOD . Shell Bulgaria EAD . Sherita M Ltd. . Siemens EOOD . Siemens Healthcare EOOD . SIENIT Holding . Silver Ridge Power . Sitel Bulgaria EOOD . Sodexo ,QIRFXV %XVLQHVV0DQDJHPHQW Pass Bulgaria EOOD . Sofia Airport Center EAD . Sofia Hotel Balkan . Sofita Translation Agency . Sogelife DQG2UJDQL]DWLRQDO3HUIRUPDQFH ...... 35 Bulgaria IJSC . Sopharma AD . Sopharma Trading JSC . Sportal.bg JSC . Stanton Chase International Bulgaria . Stefan Dimitrov, Norman Realestate Co. Ltd. . Sterling Serviced Office Group . Sunfoods Bulgaria EOOD - Development Licensee of McDonald’s in Bulgaria . Sutherland Global Services Bulgaria EOOD . Synchron-S OOD . new members ...... 36 Tavex EOOD . TBI Bank EAD . TechnoLogica EAD . Telelink EAD . Telenor Bulgaria . TELUS International Europe . The Coca-Cola Company Bulgaria . Titan Zlatna Panega Cement . TMF Services EOOD . Tocheva &DUJLOO & Mandazhieva Law Office . Turkish Airlines . Uber Bulgaria EOOD . UniCredit Bulbank . UniCredit Leasing EAD . Unimasters Logistics Plc . Unique Estates . United Bulgarian Bank . Veolia Energy Bulgaria EAD . 5RFKH%XOJDULD(22' Videolux Holding / Technopolis . VIP Security Ltd. . VISA Europe . Visteon Electronics Bulgaria . Vitosha Soft Ltd. . VIVACOM . VMware Bulgaria EOOD . VSK Kentavar - IZ Dinamika EOOD . VUZF University Higher School 7XUNLVK$LUOLQHV of Insurance and Finance . Walltopia Ltd. . Welcome to Bulgaria . Westinghouse Energy Systems Bulgaria Branch . Woodward Bulgaria EOOD . World Courier Bulgaria Ltd. . World Transport Overseas Bulgaria Ltd. . WorleyParsons Nuclear Services JSC . Xerox Bulgaria Ltd. . Xogito Ltd. . Yatoto . Zlatina Ruseva-Savova, LL.M., MBA . Zobele Bulgaria EOOD . cover story Bar Act Amendments Receive Heated Debates A year and a half after it was submitted to the Parliament, the bill of amendments was finally approved by the Legal Committee By Marina Tsvetkova 7KHUHLVDQROGPD[LPWKDWLQVWHDGRI QXUWXULQJ UHVSHFW IRU WKH ODZ \RX¶G 7KHILUVW%DU$FWZDVGUDIWHGLQ$QHZRQHIROORZHGLQZKLFKDOVRKDG EHWWHUQXUWXUHDVHQVHRIMXVWLFH« TXLWHPDQ\LPSHUIHFWLRQV$WWKDWWLPHWKHPRUHSXEOLFVSLULWHG%XOJDULDQVOLNH3HWNR 9R\YRGD FRXOG EH ODZ\HUV 'LIIHUHQW ODQJXDJHV ZHUH VSRNHQ LQ FRXUW ± 7XUNLVK $\HDUDQGDKDOIDIWHULWZDVVXEPLWWHG %XOJDULDQ±EXWSHRSOHVRPHKRZXQGHUVWRRGHDFKRWKHU,Q DPRGHUQ%DU$FW WRSDUOLDPHQW±DQGXQGHUWKHWKUHDWRI ZDVGUDIWHGZKLFKUHPDLQHGLQIRUFHXQWLO6HSW ,Q WKHDFWLYLW\RIWKH SURWHVWV ± WKH ELOO RI DPHQGPHQWV WR %XOJDULDQOHJDOSURIHVVLRQZDVUHJXODWHGE\PHDQVRIDGHFUHHZKLFKUHPDLQHGLQ WKH %DU $FW ZKLFK ZDV FULWLFL]HG E\ IRUFH XQWLO 7KHQ D QHZ ODZ ZDV DGRSWHG ³RSHQLQJ´ WKH OHJDO SURIHVVLRQ E\ WUDGHXQLRQVHPSOR\HUVDQGEXVLQHVV DOORZLQJODZ\HUVWRIUHHO\MRLQLW3ULRUWRWKDWLWZDVDFRQVHUYDWLYHFORVHGRUJDQL]D DVVRFLDWLRQV DOLNH ZDV XQDQLPRXVO\ WLRQ WKDW PDLQWDLQHG D FRQVWDQW QXPEHU RI PHPEHUV ,Q D QHZ %DU$FW ZDV DSSURYHG E\ WKH 3DUOLDPHQW¶V /HJDO DGRSWHGZKLFKKDVVLQFHEHHQDPHQGHGWLPHVDVDUHVXOWRIQHZODZVDSSHDULQJ &RPPLWWHH WKDW UHJXODWH GLIIHUHQW DUHDV RI WKH SXEOLF OLIH LQ FRPSOLDQFH ZLWK WKH ODZ RI WKH 4 (XURSHDQ8QLRQDQGWKHLQWHUQDWLRQDOODZ $V D PDWWHU RI IDFW WKH DPHQGPHQWV ZHUH VXEPLWWHG E\ 'DQLHO .LULORY WKH OHYHORIOHJDOVHUYLFHVDQGPDLQO\SUR ODZ\HUV WKHPVHOYHV SURYLGH IRU WKHLU FRPPLWWHH FKDLUPDQ DQG ODZPDNHUV WHFWLQJ WKH LQWHUHVW RI FLWL]HQV´ PDQGDWRU\SDUWLFLSDWLRQLQWKHGUDIWLQJ IURP*(5%WKH3DWULRWLF)URQWDQGWKH ³&RQWURYHUVLDOSURYLVLRQV´LQ$UWLFOH RIVWDWXWRU\DFWVDVZHOODVIRUDILQH 0RYHPHQWIRU5LJKWVDQG)UHHGRPVLQ 3DUDJUDSK OLVW YDULRXV DVVLJQPHQWV RI XS WR /HYD LPSRVDEOH RQ HDUO\ 7KH UDWLRQDOH RI WKH ODZ E\FOLHQWVWKDWDUHGHILQHGDVDFWLYLWLHV SHUVRQV ZKR FRQVXOW UHJLVWHU VXEPLW UHDGVWKDWLWLVOHGE\WKHLGHDRI³SUR SHUIRUPHG E\ DWWRUQH\VDWODZ 7KH DSSOLFDWLRQV DQG UHSUHVHQW FOLHQWV AmCham Bulgaria Magazine July - August 2016 - August July Magazine AmCham Bulgaria WHFWLQJWKHOHJDOSURIHVVLRQUDLVLQJWKH DPHQGPHQWV ZKLFK ZHUH GUDIWHG E\ EHIRUH WKH SXEOLF DGPLQLVWUDWLRQ DV cover story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ccording to the Chairman of the Supreme Bar Council Ralitsa Negentsova, the attorneys had no intention WKH &RPPLVVLRQ IRU WKH 3URWHFWLRQ RI to recapture, or to monopolize activities, which are performed by other professions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¶DFWLYLWLHV ZHDUHQRW %XOJDULD WKH %XOJDULDQ ,QGXVWULDO 6WDWLVWLFDO ,QVWLWXWH WKH /DERU PRQRSROLVWV DV VXJJHVWHG RWKHU SUR &DSLWDO$VVRFLDWLRQWKH$VVRFLDWLRQRI ,QVSHFWRUDWH DQG WKH 7UDGH 5HJLVWHU IHVVLRQVFDQDOVRSHUIRUPWKHVHDFWLYL %DQNV LQ %XOJDULD WKH %XOJDULDQ UHTXHVW LQIRUPDWLRQ IURP WKHP DQG WLHV ³:H KDYH QR FODLPV WR FHUWLILHG +HOVLQNL &RPPLWWHH WKH %XOJDULDQ GUDIWWKHGRFXPHQWVWKDWDUHVXEPLWWHG DFFRXQWDQWVOHJDODGYLVHUVHWF´VKH &HQWHU IRU 1RQIRU3URILW /DZ WKH WRWKHP&XUUHQWO\FRPSDQLHVDUHUHS VDLG 6KH GLVPLVVHG WKH FODLPV WKDW DVVRFLDWLRQVRIUHDOHVWDWHFRPSDQLHV UHVHQWHG EHIRUH WKH 1DWLRQDO 6RFLDO ODZ\HUVZDQWHGWRPRQRSROL]HDOOFRQ WKH %XOJDULDQ &KDPEHU RI 3ULYDWH 6HFXULW\ ,QVWLWXWH DQG WKH 1DWLRQDO VXOWDQF\DFWLYLWLHVDV³VSHFXODWLRQ´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³:HGRQRWZDQWWRGRDOO AmCham Bulgaria Magazine July - August 2016 ZZZDOOLHGEJ Allied Pickfords Moving Services Meeting your specific needs, not ours…Guaranteed. page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ontact: DURXQGWKHZRUOG T: 02 807 6688 E: [email protected] ,I\RX UHORRNLQJIRUGHSHQGDEOHPRYLQJFRPSDQLHVWRKHOS\RXUHORFDWHUHTXHVWDIUHHPRYLQJTXRWHIURP $OOLHG3LFNIRUGVWRGD\\RXUSURIHVVLRQDOPRYLQJFRPSDQ\ cover story WLRQVWUXFWXUHV7KHFKDQJHVZLOODIIHFW FRPSDQLHVLQ%XOJDULDDQG SHUFHQW RI WKHP DUH PLFURHQWHUSULVHV ZLWK D VWDII RI WZR RU OHVV´ VDLG %R]KLGDU 'DQHY H[HFXWLYH FKDLUPDQ RIWKH%XOJDULDQ,QGXVWULDO$VVRFLDWLRQ 7KHELOOHQYLVDJHVWKDWWKHVWDWHLQWKH SHUVRQRIWKHPLQLVWHURIMXVWLFHVKDOO GHWHUPLQHWKHFRQGLWLRQVDOORZLQJODZ \HUV WR PDNH QRWDU\ YDOLGDWLRQV $ FRPSDUDWLYHDQDO\VLVVKRZVWKDWODZ \HUVDUHDVVLJQHGWKHSHUIRUPDQFHRI YDOLGDWLRQ IXQFWLRQV LQ D QXPEHU RI (XURSHDQ 8QLRQ FRXQWULHV VXFK DV *HUPDQ\,WDO\+XQJDU\6ORYDNLDWKH 1HWKHUODQGV )LQODQG 6ZHGHQ 'HQPDUNDQG,UHODQG The changes will affect 300 000 active companies in Bulgaria, 90 percent of them are micro companies with up to two employees, claims Bozhidar Danev, chairman of the Bulgarian Industrial Association. $W\RXUILQJHUWLSV WKHYDOLGDWLRQZRUN ZHGRQRWZDQWWR (PSOR\HU RUJDQL]DWLRQV KRZHYHU DUH YDOLGDWH UHDO HVWDWH WUDQVDFWLRQV :H FRQFHUQHGWKDWLIWKHODZLVDSSURYHG 7KHVSLULWRIWKHSURSRVHGFKDQJHVLV MXVWZDQWWRFDUU\RXWWKRVHYDOLGDWLRQV WKDW ZLOO UDSLGO\ LQFUHDVH FRPSDQ\ WRPDNHFHUWDLQRIWHQXVHGQRWDU\VHU WKDWZLOODOORZSHRSOHWRSD\OHYDIRU WKHIWV5RXJKFDOFXODWLRQVVKRZWKDWLI YLFHV WKDW DUH QRW VXEMHFW WR UHJLVWUD DSRZHURIDWWRUQH\DQGVDYHOHYD HDFK RI WKH FRPSDQLHV FXU WLRQPRUHUHDGLO\DYDLODEOHWRLQGLYLGX IRUWUDYHOLQJDORQJGLVWDQFH´VKHVDLG UHQWO\ DFWLYH LQ %XOJDULD SD\V DOV 7KHUH DUH D WRWDO RI ODZ 7KH PRUH VR WKDW ODZ\HUV KDYH WKH /HYD D \HDU WR D ODZ ILUP HYHU\ \HUV LQ %XOJDULD VKRZ WKH GDWD SUH QHFHVVDU\ OHJDO TXDOLILFDWLRQ ³ AmCham Bulgaria Magazine July - August 2016 - August July Magazine AmCham Bulgaria UHFHLYLQJGRFXPHQWVIURPWKHP ORZV HUW\VDQFWLRQRIWR/HYD SINCE 1990 WITH ACCESS TO 100 COUNTRIES 21 000 LAWYERS 160 LAW FIRMS AT HOME WORLDWIDE COMMERCIAL & COMPANY LAW COMPETITION & ANTITRUST MERGERS & ACQUISITIONS ENERGY & RENEWABLES ADMINISTRATIVE LAW LITIGATION & ARBITRATION & PUBLIC PROCUREMENT BANKING & FINANCING LAW TAXATION & LABOR TRADEMARKS, PATENTS IT, MEDIA & TELECOMMUNICATIONS & LICENSING Legal: 500: Chambers Europe: Chambers Global: IFLR 1000: “Excellent, comprehensive “More western than others” “Innovative and practical, “They are the best and responsive services” “One of the best in Bulgaria” entirely client & business when it comes to advising investors, “Excellent – prompt, oriented” they know how the law works…” efficient and extremely knowledgeable of the local environment” e-mail: [email protected] ∙ www.penkov-markov.eu ∙ telephone: (+359 2) 971 3935 cover story WULFWFRXUWV8QGHUWKHFXUUHQW1RWDULHV 3XULW\RISURIHVVLRQ 7KHUHIRUHWKHELOOIRFXVHVRQWKHQHHGWR DQG1RWDU\$FWLYLWLHV$FWHYHU\ UDLVHWKHUHTXLUHPHQWVIRUDFFHVVWRWKH %XOJDULDQ FLWL]HQV DUH HQWLWOHG WR RQH /DZ\HUV¶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¶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■ 8 AmCham Bulgaria Magazine July - August 2016 - August July Magazine AmCham Bulgaria The popularity of legal service in Bulgaria is not that big in comparison with the developed countries, although legal services are among the cheapest in the EU. analysis Tax Noose Tightens on Fuel Traders The VAT Act is amended to prevent siphoning by non-compliant payers By Marina Georgieva It is not likely for the price of fuels to increase as a result of the new measures against VAT fraud; rather, a decrease of the grey sector is expected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mCham Bulgaria Magazine July - August 2016 - August July Magazine AmCham Bulgaria PHQWDQGLQYHVWPHQWE\XQGHUPLQLQJUHDOHFRQRPLFDFWLYL VL]HDQGWHUPRIYDOLGLW\RIWKHFROODWHUDO7KXVWKHSD\PHQW analysis RIDJXDUDQWHHE\LQWHUPHGLDULHVZLOOJXDUDQWHHWKHULJKWVRI GLOLJHQW WD[ SD\HUV ZKR ZLOO EH DEOH WR FKHFN LI D JLYHQ LPSRUWHURULQWHUPHGLDU\LQIXHOWUDGHFRPSOLHVZLWKWKHODZ ,QDGGLWLRQWKH15$ZLOOEHDEOHWRWHUPLQDWHWKH9$7UHJLV WUDWLRQRIFRPSDQLHVWKDWKDYHQRWSURYLGHGWKHQHFHVVDU\ FROODWHUDORQWLPHRULQIXOO7KHIHHVDQGSURSHUW\VDQFWLRQV HQYLVDJHGVWDQGDWSHUFHQWRIWKHVL]HRIWKHJXDUDQWHH GXHEXWQRWOHVVWKDQ/HYD 2LOVHFWRUH[SHUWVD\WKDWWKHDPHQGPHQWVGRQRWFRQFHUQ SHWURO VWDWLRQV DQG WD[ ZDUHKRXVHV ZKLFK KDYH DQ RQOLQH OLQN ZLWK WKH 15$ DQG WKH &XVWRPV$JHQF\7KH FKDQJHV FRQFHUQ IXHO WUDGHUV ZKR LPSRUW SHWURO DQG GLHVHO LQWR WD[ ZDUHKRXVHVWKHQWDNHLWRXWDQGVHOOLWRQWKHPDUNHW2IWHQ Vlasdislav Goranov, minister of finance, said that the losses of the treasury are due mostly to the risky fuel traders, who are two-thirds of those using tax stor- DODUJHSDUWRIWKHVHTXDQWLWLHVHQGLQWKHVRFDOOHGLQVWLWX ages. 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August 2016 page 17 People take part in `A Picnic to discuss Brexit` organised by the `General Assembly` in Green Park, central London Britain, July 9, 2016. British Prime Minister David Cameron has formally rejected a second Brexit referendum despite an official petition which received more than 4.1 million signatures and would have been considered for a parliamentary debate. analysis WKH 8QLWHG .LQJGRP ZDV LWV VWDXQFKHVW DGYRFDWH /RRN ZKDW KDSSHQHG ODWHU %RWK 1LFRODV 6DUNR]\ DQG $QJHOD 0HUNHO KHDGHG )UDQFHDQG*HUPDQ\ZLWKWKHSURPLVHRI QRWOHWWLQJ7XUNH\LQWRWKHFOXE PRUHRYHU WKDWEHFDPH SEEGER EPA/PATRICK DQ(XURSHDQSROLWLFDOQRUP 7KH ELJ PRVTXH LQ &RORJQH ZKLFK LV ILQDQFHGE\WKH7XUNLVKVWDWHKDVEHHQRQ KROG IRU \HDUV 7KH QRLV\ SURSRQHQWV RI 7XUNH\¶V PHPEHUVKLS DUH NHHSLQJ PXP EHFDXVH WKH\ DUH QRW D PDMRULW\ HYHQ DPRQJ WKH HOLWHV $QG WKH WRS DGYRFDWH YRWHGIRU%UH[LW7KDWODVWRQHZDVVXFKD A single British flag sits on a desk during a debate in the European Parliament in Strasbourg, France, July 5, 2016. The European Parliament met to review the Brexit summit conclusions and the past Dutch EU FOHDUVLJQDOWKDWHYHQWKHGHDINLQJXQGHU presidency. 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August 2016 - August July Magazine AmCham Bulgaria XVHG LW WR FRQFHDO WKHLU FRUUXSWLRQ DQG VDPH DEURDG VWUDLQLQJ RI UHODWLRQV ZLWK VKRXOGVWDUWDVVRRQDVSRVVLEOH■ analysis Olá, Rio The Summer Games in Rio de Janeiro may go down in history as the most scandalous EPA/MARCELO SAYAO EPA/MARCELO The Olympic Games Rio 2016 official posters are presented at the Museum of Tomorrow in Rio de Janeiro, Brazil, July 12, 2016. ³7KHZRUOGLV2O\PSLFV´7KLVLVWKHPRVW VLWXDWLRQV±ZLWKDOONLQGVRILQVWUXFWLRQV QLV SOD\HUV OLNH 7RPDV %HUG\FK 0LORV UHSHDWHGSKUDVHGXULQJ2O\PSLF*DPHV DQGJXLGHVLQFDVHRIYDULRXVGLVDVWHUV 5DRQLFDQG6LPRQD+DOHSF\FOLVW7HMD\ ,QWKHFDVHRIWKLV\HDU¶VHYHQWLQ5LRGH ,QWKHKLVWRU\RI2O\PSLFVDOPRVWHYHU\ YDQ *DUGHUHQ HWF $OWKRXJK WKH :+2 -DQHLURKRZHYHULWLVPRUHDSSURSULDWH KRVWFRXQWU\KDVH[SHULHQFHGGLIILFXOWLHV DVVXUHVDWKOHWHVWKDWWKHUHLVDYHU\ORZ WRVD\WKDW³KDOIRIWKHZRUOGLV2O\PSLFV´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³+LWOHU¶V´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mCham Bulgaria Magazine July - August 2016 - August July Magazine AmCham Bulgaria DFKLHYHPHQWV EXW DOVR IRU XQIRUHVHHQ VSRUWDQGLQWHUHVWLQLWLVQRWVPDOO WHQ SURYHG2.7KHSURMHFWFRVWVVRPHELO analysis OLRQ GROODUV DQG WKH SURSHUW\ GHYHORSHU SODQV WR VHOO WKH DSDUWPHQWV DIWHU WKH 2O\PSLFV 7KDW PD\ EH D SUREOHP EHFDXVH WKH %UD]LOLDQ HFRQRP\ LV LQ UHFHVVLRQ DQG VR IDU RQO\ SHUFHQW RI WKH DSDUWPHQWV KDYH EHHQ SUHVROG 0HDQZKLOH VRPH WHDPV DUH XVLQJ WKHLU Lacerda EPA/Antonio LPDJLQDWLRQ WKH,WDOLDQVIRULQVWDQFHKDYH KLUHGEXLOGHUVWRILQLVKWKHLUDSDUWPHQWV 4XHVWLRQDEOHVHFXULW\ 7KHKLJKFULPHUDWHVLQ5LRDUHDPDMRU FRQFHUQIRUERWKYLVLWLQJYLHZHUVDQGWKH DWKOHWHV WKHPVHOYHV $XVWUDOLDQ 3DUDO\PSLDQ /LHVO 7HVFK DQG DQRWKHU WHDPPHPEHUZHUHUREEHGLQWKHFLW\LQ EURDG GD\OLJKW $ 1HZ =HDODQGHU FRQ ILUPHGKHKDGEHHQNLGQDSSHGIRUUDQ Vinicius, the mascot of the Rio 2016 Olympic Games, stands next to a sculpture of Olympic Rings made out VRP$GLVPHPEHUHGIRRWZDVZDVKHG of recyclable materials, at Copacabana beach, Rio de Janeiro, Brazil, July 21, 2016. 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The Olympic flame WRXULVWVDUHOLNHO\WREHPXFKIHZHUWKDQ arrived to Sao Paulo after 82 days of a nationwide relay, and will finish at the Maracana stadium on 05 WKHKDOIDPLOOLRQIRUHLJQYLVLWRUVH[SHFW August 2016 with the opening ceremony of the Rio 2016 Olympic Games. HGVRPHWLPHDJR■ committee reports Sustainability Reporting Becoming a Must for Business Corporate sustainability disclosure and reporting is now the norm for large-cap companies in the United States, accord- ing to a report by the Governance & Accountability Institute. In its fifth annual analysis of S&P 500 Index reporting, G&A Institute found that 81 percent of the companies included in this investment benchmark published a corporate responsibility or sustainability report in 2015. This is up from just 20 percent of companies reporting in 2011. 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She is flanked (L-R) by Executive Director Valentin Georgiev, American College of Sofia President Richard Ewing, U.S. Ambassador Eric Rubin, and the master of ceremony David Hampson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he legendary band B.T.R. created the perfect party atmosphere. 0DWUL[5HORFDWLRQV 0QHPRQLFD 0WHO 1RYRWHO6RILD 3UHPLXP/X[XU\0RXQWDLQ5HVRUW 5DGLVVRQ%OX*UDQG+RWHO 5HIDQ 6HQVH+RWHO 6RILD+RWHO%DONDQD/X[XU\&ROOHFWLRQ+RWHO 7KDLP2XW 9LGHROX[+ROGLQJ7HFKQRSROLV Selfie band received warm applause from the guests. 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