About Bulgaria
| About Bulgaria |
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GeographyThe position of Bulgaria is on the transition between Europe and Asia,forms its territory as a geographic cross-road and is one of the factors for the abundance of the nature and good climate. Bulgaria is in the system of European infrastructure from long time before, its territory is crossed from one of the most important land roads from western Europe for the near and middle East (Paris-Vienna-Belgrade-Sofia-Svilengrad-Istanbul) and from Balkan countries and Eastern Europe towards Mediterranean coast (Saint Petrburg-Moscow-Kiev-Bucharest-Sofia-Thessaloniki-Athens). In comparatively small territory are combined different by size and physical appearance lowlands, plains, mountains and heterogeneous earth elements - river lowlands, caves, ice forms, sandy and rocky coasts, beautiful rocky formations. Relative LocationSouth-eastern European Balkan Peninsula, between the Black Sea (to the east), Turkey to southeast), Greece (south), Romania (north), Serbia and FYROM (Former Yugoslav Republic of Macedonia) to the west - a strategic location near Turkish Straits which allows for control of major land and water routes from Europe and Russia to the Middle East and Asia. Absolute location (average coordinates)43 degrees north, 25 degrees east AreaTotal: 110,910 SQ km Total Land borders1,808 km Land borders with:Turkey: 240 km Coastline354 km Maritime claimsContiguous zone: 24 nm ClimateMixed: mostly temperate in the north and Mediterranean-influenced in the south. TerrainMostly mountains, with lowlands in north Danubian Plain and in south-east Elevation extremesLowest point: Black Sea - 0 m Key Natural resourcesIron ore, manganese ore, chromium, copper ore, zinc, bauxite, lead, coal, timber, arable land Fuel reservesGas and oil Land useArable land: 43% Irrigated land12,370 SQ km
Politics of BulgariaThe President of Bulgaria, elected for a 5-year term, is head of state and commander in chief of the armed forces. The President's main duties are to schedule elections and referendum, represent Bulgaria abroad, conclude international treaties, and head the Consultative Council for National Security. The President may return legislation to the National Assembly for further debate--a kind of veto--but the legislation can be passed again by a simple majority vote. The legislative body is the unicameral National Assembly of 240 members elected to 4-year terms. Political parties must garner a minimum of 4% of the national vote in order to enter the Assembly. The Assembly 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 and deployment of troops outside of Bulgaria, and ratification of international treaties and agreements. The Bulgarian Socialist Party (BSP) won the first post-communist Assembly elections in 1990 with a small majority. The BSP government formed at that time was brought down by a general strike in late 1990 and replaced by a transitional coalition government. Meanwhile, Zhelyu Zhelev, a communist-era dissident, was elected President by the Assembly in 1990 and later won Bulgaria's first direct presidential elections, in 1992. Zhelev served until early 1997. The country's first fully democratic Assembly elections, in November 1991, ushered in another coalition government, which was led by the pro-reform Union of Democratic Forces (UDF) in partnership with the Movement for Rights and Freedoms (MRF). This coalition collapsed in late 1992, however, and was succeeded by a technocratic team, put forward by the MRF, which governed at the sufferance of the BSP for 2 years. The BSP won pre-term elections in December 1994 and remained in office until February 1997, when a populace alienated by the BSP's failed, corrupt government demanded its resignation and called for new elections. A caretaker cabinet appointed by the President served until pre-term parliamentary elections in April 1997, which yielded a landslide victory for pro-reform forces led by the UDF in the United Democratic Forces coalition. In 2001, former King Simeon Saxe-Coburg-Gotha returned to power, this time as Prime Minister. The Council of Ministers is the principal organ of the executive branch. It is usually formed by the majority party in Parliament, if one exists, or by the largest party in Parliament along with coalition partners. Chaired by the Prime Minister, it is responsible for carrying out state policy, managing the state budget, and maintaining law and order. The Council must resign if the National Assembly passes a vote of no confidence in the Council or the Prime Minister. The Government is strongly pro-Western, with particularly good relations with the United States, and in April 2004 led Bulgaria into the North Atlantic Treaty Organization. Bulgaria?s leading policy priority is to join the European Union, which it is scheduled to do in January 2007. Bulgaria's judicial system is independent and is managed by the Supreme Judicial Council. Its principal elements are the Supreme Court of Administration and the Supreme Court of Cassation, which oversee application of all laws by the lower courts and judge the legality of government acts. There is a separate Constitutional Court, which interprets the Constitution and rules on the constitutionality of laws and treaties. The next parliamentary elections must take place no later than June 2005. StatisticsTotal Population7,973,673 (data from a representative study of the National Institute of Statistics as of March 1, 2001) Largest city populationsSofia: 1,096,389 Location of population as average across age groups (2001)Urban: 69% Net population growth:-5.1% (2001) Birth Rate8.07 births/1,000 population Death Rate13.8 deaths/1,000 population Migration Rate4.8 migrants/1,000 population Infant mortality rate15.13 deaths/1,000 live births (2000 est.) Total fertility rate1.13 children born/woman (2000 est.) Age breakdown (2001 est.)0-10 years: 8.8% Sex breakdown: (2001 est.)Male: 48.8% Life expectancy at birth: (2000 est.)Total population: 70.91 years Ethnic groupings (2001 est.)Bulgarian 83.6% Religious groupingsOrthodox Christian 83.8% Official languageBulgarian Literacy (percentage of age 15 and over that can read and write - 1999)Total population: 98% Public holidaysJanuary 1: New Year
About taxesValue Added Tax (VAT)The amount of VAT in Bulgaria is 20% with some exceptions. Some deals are free of VAT land purchase, shares purchases, etc. Some are with VAT in smaller amount. Taxation of IndividualsThe taxation of the annual income of the individuals in Bulgaria is in accordance with the following progressive table: Annual Income Taxation: up to 2400 leva - Free of taxes from 2400 leva to 3000 leva - 20 % for the income over 2400 leva from 3000 leva to 7200 leva - 120 leva + 22 % for the income over 3000 leva over 7200 leva - 1044 leva + 24 % for the income over 7200 leva The dividends accounted from Bulgarian companies in benefit of the shareholders in the respective company will be taxed with "final tax" which is always in the amount of 7%. This income, after the taxation with 7%, will not be included in the total income described in the table above. Taxation of CompaniesThe companies pay "corporate tax" in amount of 10% of the net income for the respective year /annual basis/. Real Estate TaxationThe taxation of the real estate assets is 0.15% of the tax valuation per annum. The valuation is in accordance with addendum No 2 of the Law for the local taxes and fees. Also the owners of real estate properties have to pay fee for the treatment of the trash, which fee is different for the territory of every one municipality. The fee is defined every year by the municipality's council.
Why BulgariaStable political environment & low country risk
Macroeconomic and financial stability
EU's most favourable taxes
Labour force
Incentives under the Investment Promotion Act
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