site.btaInvestment Promotion Act Amended on First Reading

Bulgaria's National Assembly on Wednesday voted, 114-48 with 25 abstentions, to pass at first reading a bill to amend and supplement the Investment Promotion Act moved by Alexander Ivanov and other GERB-UDF MPs.

The legislature voted down another bill revising the same law, proposed by MPs of Continue the Change-Democratic Bulgaria.

The draft legislation that was carried aims to improve the effectiveness of investment promotion measures, simplify and make more transparent the requirements for investment projects. It provides for grants for priority investment projects in the manufacturing industry, as well as in education and research. It will streamline the deadlines for the provision of administrative services for investors, and procedures overseen by the InvestBulgaria Agency and local mayors.

A significant change is the introduction of a control mechanism over municipality mayors when certifying municipal investment projects. The requirement for a minimum capital contribution by an investor is reduced from 40% to 25%.