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BULGARIAN PARLIAMENT ADOPTED THE LAW ON THE MEASURES AND ACTIONS DURING THE STATE OF EMERGENCY

KYD lawyers > Uncategorized  > BULGARIAN PARLIAMENT ADOPTED THE LAW ON THE MEASURES AND ACTIONS DURING THE STATE OF EMERGENCY

BULGARIAN PARLIAMENT ADOPTED THE LAW ON THE MEASURES AND ACTIONS DURING THE STATE OF EMERGENCY

On 23 March 2020 the Bulgarian National Assembly adopted the Act on the measures and actions during the state of emergency declared by a decision of the National Assembly dated 13 March 2020 (the “State of Emergency Act”). The State of Emergency Act was promulgated in State Gazette No 28/24.03.2020.

Some of the measures which are introduced by the new law include:

  • All announced public sales shall be suspended, garnishing of bank accounts and salaries on individuals may not be imposed.
  • Procedural deadlines and limitation periods are temporarily suspended.
  • During the state of emergency all consequences relating to payment defaults such as interest, delay penalties, acceleration and contract cancellation shall not apply.
  • During the state of emergency but for not more than 3 months employers which satisfy certain criteria are entitled to receive from the National Social Security Institute 60 % of their employees insurance income for January 2020. The criteria should be defined in a resolution of the Council оf Ministers. As at the date of this publication only a draft of such resolution is available. The draft provides that companies which may benefit from this assistance should satisfy among other, the following criteria: i/ their activity has been suspended due to acts of governmental bodies and ii/ in the month preceding the state of emergency more than 50 % of their employees are employed in the economic activity for which restrictions have been introduced. Such activities are explicitly enumerated and include: retail, transport, tourism, cultural activities, sports activities, film screening, activity of hotels, bars and restaurants. The draft in currently under discussions.
  • All public enforcement procedures shall be stopped, new enforcement procedures may be initiated only in limited cases
  • The deadline for announcing the financial statements for 2019 is extended until 30 September 2020.
  • The declaration and payment of the corporate income tax for 2019 is extended until 30 June 2020.

All measures shall be applied until revocation of the state of emergency.