Bulgaria

Standards

National standards organizations

Integration in the international standards network

The State Agency for Standardisation and Metrology (BDS) is the organisation in charge of the standardisation and ratification of laws in Bulgaria. Its purpose is to harmonise these standards with the European ones.
The standard ISO 9000, though optional is a factor of competitiveness.
The Committee of Normalisation and Metrology has the power to grant the import of some goods when the standard of the country of origin does not totally match the Bulgarian ones.
Special certificates and ratification are compulsory for household electrical appliances, mobile phones equipment, pharmaceutical and cosmetic products.

Classification of standards

Online consultation of standards

Certification organizations

Legal framework

Independence of justice

Broadly speaking, Judiciary is independent in Bulgaria; though the human rights groups claim that the judicial system suffers from problems like perceived unwillingness to prosecute crimes against ethnic minorities; charges that the government denies.

Equal treatment of nationals and foreigners

The judicial system in the country broadly guarantees a fair trial to a foreign national.

The language of justice

The judicial language in the country is Bulgarian.

Having recourse to an interpreter

Having an interpreter is always possible.

Sources of the law and legal similarities

Bulgaria is a Republic state based on parliamentary democracy working under a pluriform multi-party political system. The official name of the country is Republic of Bulgaria.
President is the chief of the state and is directly elected for a 5-year term. President is the commander-in-chief of the armed forces. President nominates the Prime Minister who is elected by the National Assembly. Prime Minister as Chairman of the Council of Ministers holds the executive powers and is also the head of the government. Prime Minister nominates the Council of Ministers.The Council of Ministers is the principal organ of the executive branch. The Council of Ministers must resign if the National Assembly passes a vote of no confidence in the Council or the Prime Minister.
Bulgaria has a unicameral parliament. The members of the parliament (called National Assembly) are elected for 4-year-terms by popular vote. A political party or coalition must garner a minimum of 4% of the vote in order to enter the National Assembly. Parliament is responsible for enactment of laws, approval of the budget, scheduling of presidential elections, selection and dismissal of the prime minister and other ministers, declaration of war, deployment of troops outside of Bulgaria, and ratification of international treaties and agreements. Bulgarian citizens enjoy considerable political rights.
Broadly speaking, Judiciary is independent in Bulgaria; though the human rights groups claim that the judicial system suffers from problems like perceived unwillingness to prosecute crimes against ethnic minorities; charges that the government denies. The main source of the law is the constitution adopted in July 1991; having civil and the criminal laws based on Roman law. Bulgaria is going to join the European Union (EU) in January 2007, at the earliest. The country accepts compulsory ICJ jurisdiction. The judicial language in the country is Bulgarian; having an interpreter is always possible.
Bulgaria is ruled by law and the corruption is limited to a large extent. However a certain degree of organised crime and corruption in government and business does exist in the country. The judicial system in the country broadly guarantees a fair trial to a foreign national.

Consulting national laws online

Intellectual Property

National organizations

The organisation for the protection of trademarks and patents is the Bulgarian Patent Office.
Since 1993, there is a law on copyrights and intellectual property. There is also a law on patents but it is not very reliable.
Bulgaria signed the Agreement of Paris concerning the protection of industrial property and the agreement which establishes the World Organization of Intellectual property (WIPO). Concerning patents, Bulgaria ratified the treaty of co-operation on patents.

Tax rates

Accounting rules

Tax year

The fiscal year begins on January 1st and ends on December 31st of the same year

Accounting regulation bodies

Accounting reports

The balance sheet is presented into accounts with liabilities composed of constant capital and debts, because there is a distinction between long and short-term debts.
The profit and loss account gives priority to the repository of the global production and leave the choice of the costs classification either by nature or by function.

Publication

Companies have to publish a balance sheet, a profit and loss account and an appendix.

Professional accountancy bodies

Certification and auditing

The external control of accounts must be confided to a body of experts (auditors) chosen by the company.

Accounting news

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