Financial and business news from Bulgaria

Bulgarian Petroleum and Gas Association with a Declaration on Amendments to the Excise Duties and Tax Warehouses Act

The Bulgarian Oil and Gas Association issued a special declaration. The reason for it is the amendments to the Excise Duties and Tax Warehouses Act. Here's what it says:
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Bulgarian oil and gas association supports the government's efforts in the fight against the proliferation of COVID-19, as well as the cancellation of the state of emergency and its replacement by changes to the Health Act.

With surprise, however, we learned that with the transitional and final provisions of the draft law amending and supplementing the Health Act submitted by the government to the National Assembly, amendments to the Excise Duties and Tax Warehouses Act, as well as amendments to the Law on Amendment and Supplementation of the Law on Corporate Income Tax.

These proposals have nothing to do with the implementation of anti-epidemic measures in the country and do not correspond in any other way with the Health Act. Moreover, the proposals made in paragraphs 18,19 and 20 of the transitional and final provisions have not been discussed in any way with the industry and the importer has not disclosed reasons for them.

If paragraphs 18 and 19 do not fall out of the transitional and final provisions and are voted on by MPs, part of the oil business will be obliged to purchase and install new meters in an extremely difficult situation for the whole industry.

Paragraph 20 provides for an accelerated construction of CCTV in tax warehouses. Cameras should be placed in the shortest possible time — in the autumn of this year. This is another significant investment for the oil industry.

Currently, the fuel market is suffering huge losses in conditions of steadily falling turnover and depreciating petroleum products. At the same time, the industry is one of the largest employers and taxpayers in the country.

That is why the Bulgarian Petroleum and Gas Association calls on the importer of the bill to download the texts aimed at changes in the Excise Duties and Tax Warehouses Act, as well as in the Law on Corporate Income Taxation.

If the government believes that amendments to tax warehouses requirements are imperative, then this should only be done after a broad discussion with the industry operators concerned and in full transparency.

BPGA is ready to assist in finding the best solution.

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