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Bar Act Amendments Receive Heated Debates 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. 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Right Rental is exclusive representative for Bulgaria 0700 13 700, [email protected], www.rightrental.net editorial Before and After Times 7KHZRUOGQRZOLYHVDQGVSHDNVRIEHIRUHDQGDIWHU1RWKLQJLVWKHVDPHDIWHU WKH1LFHWHUURUDWWDFN7XUNH\PLOLWDU\FRXS%UH[LW:KDWZDVEHIRUHLVQRZ KLVWRU\,WLVDOPRVW%&YHUVXV$'WKH%LEOLFDOGDWLQJV\VWHPWRPDNHWKH ELUWKRI-HVXV&KULVWWKHGLYLGLQJSRLQWRIZRUOGKLVWRU\WKDWSDUDGR[LFDOO\FDQ DSSO\WRWKHGUDPDWLFHYHQWVRIWKLVVXPPHU%HIRUHDQGDIWHU±LWVHHPVWKHVH WZRZRUGVKDYHVWDUWHGWRPHDVXUHWKHUHDOLW\ZHOLYHLQ ,QKLVDUWLFOHIRUWKH$P&KDP0DJD]LQH%R\NR9DVVLOHYDUJXHVWKDWQRZWKH TXHVWLRQIRU7XUNH\LVQRWZKDWNLQGRI(8PHPEHULWZRXOGEHEXWUDWKHUZKDW VRUWRIDQHLJKERU7XUNH\ZLOOEHFRPHWRWKH(8,WLVKLJKWLPHWKDW%UXVVHOV JHWVXVHGWRWKHLGHDLWLVQRORQJHUDWWUDFWLYHPHUHO\IRULWVWDONRI³8QLRQYDO XHV´ 2EYLRXVO\ LW GRHV QRW LQVSLUH DQG NLQGOH GUHDPV DQ\ PRUH ZULWHV 9DVVLOHYRQSDJH ([FHSWIRUWKHIRFXVRQWKHLPSRUWDQWLQWHUQDWLRQDOHYHQWVMROWLQJRXUUHDOLW\ $P&KDP0DJD]LQHZULWHU0DULQD7]YHWNRYDHODERUDWHVRQWKHFRQWURYHUVLDO FKDQJHVLQWKH$WWRUQH\¶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±LWLVPRUHFRUUHFWWRVD\³KDOIRIWKHZRUOGLV2O\PSLFV´LQVWHDG RIWKHZHOONQRZQFOLFKp³7KHZRUOGLV2O\PSLFV´7KHIDPHRIWKH*DPHVZDVRYHUVKDGRZHGE\QXPEHURI LVVXHVDV=LNDYLUXVVHFXULW\SUREOHPVGRSLQJVFDQGDO5HDGRXUIHDWXUHRQSDJH 2016 - June May Magazine AmCham Bulgaria /RRNRXWIRUPRUHEXVLQHVVWRSLFVLQWKH$P&KDPPHPEHU¶VDQDO\VHVVHFWLRQRQWKH(8%OXH&DUG E\(UQVW <RXQJ%XOJDULD(22' RQWKHFORXGSULYDF\GDWDSURWHFWLRQUHODWLQJWRSULYDF\VKLHOG E\.DPERXURY 3DUWQHUV RQWKHOLIHORQJOHDUQLQJSURFHVVDQGWKRXJKWVVKDUHGE\WKHOHFWXUHUV7LP.HPSDQG&RQVWDQWLQH .LULWVLVZLWK3Z&¶V$FDGHP\0LQL0%$ page 1 6LQFHUHO\<RXUV ,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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mCham 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 . 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