site.btaUPDATED Measures against Possible Price Speculation when Euro Is Introduced in Bulgaria to Remain in Force until August 8, 2026

Measures against possible unfair price increases by traders in connection with Bulgaria's membership of the eurozone will remain in force until August 8, 2026, and not until the end of next year, as originally planned. This was decided at a meeting of the parliamentary Budget and Finance Committee, which adopted at second reading a bill to amend and supplement the Introduction of the Euro in the Republic of Bulgaria Act.

Businesses will have until October 8 this year to bring their activities into line with all requirements, including dual price labeling, the adjustment of cash registers, and the requirement for large retailers to publish a daily list of the final selling prices of the goods they offer.

Fines for price speculation remain between BGN 5,000 and BGN 1 million, depending on the size of the retailer and the severity of the offense.

At the suggestion of the head of the committee, Delyan Dobrev, which he made verbally, MPs approved that the measures to be implemented by the state against unjustified price increases by traders will come into force on August 8 this year and will remain in force until August 8, 2026. The initial version of the bill provided for the measures to remain in force until December 31, 2026.

At the suggestion of Yordan Tsonev from MRF-New Beginning, again verbally, the committee approved that until October 8, the control authorities will not impose the sanctions provided for in the law. The postponement will also apply to the requirements for dual pricing in BGN and EUR, the availability of both currencies on receipts issued by merchants' fiscal devices, and the obligation to publish a daily list of the final sales prices of goods offered by merchants with a turnover of over BGN 10 million.

A similar proposal was prepared by Delyan Dobrev and the Ministry of Finance, which provided for a postponement until September 8, but in the end, Tsonev's proposal to extend it by another month was accepted. Tsonev pointed out that this country is in the middle of the summer season and this will give traders time to bring their activities into line with the requirements. Thus, in the first two months after the law comes into force, the control authorities will issue written instructions to traders who violate the rules without imposing sanctions.

The text approved at second reading in the bill on unfair price increases underwent another change, and after editing by the working group now reads as follows: "During the period of dual labeling, traders offering goods and services to consumers shall set their prices in good faith and transparently, and any price increase shall be justified by objective economic factors. Traders shall, upon request, provide the control authorities with evidence of the existence of objective economic factors."

The Budget and Finance Committee approved a proposal to amend and supplement a bill submitted by Delyan Dobrev, Yordan Tsonev, and Denitsa Nikolova (GERB-UDF) regarding the amount of fines to be imposed on traders who increase prices without objective economic factors.

For legal entities and sole traders, the financial penalty will be between BGN 5,000 and BGN 100,000, and for repeat offences between BGN 10,000 and BGN 200,000.

For companies with a turnover of more than BGN 50 million for the previous year, the penalty may also be set as a percentage of turnover of up to 0.5%, and in the event of a repeat offence, it may reach 1% of turnover. In all cases, however, the financial penalty may not exceed BGN 1 million.

The Commission partially approved a proposal for amendment and supplement submitted by Tsontcho Ganev, Dimo Drenchev, and Alexander Koychev from Vazrazhdane, which will give traders at least five business days to provide the info requested by the control authorities on the objective economic factors that led to the price increases.

The control authorities, represented by the National Revenue Agency and the Commission for Protection of Competition, will have to comply with commercial secrecy and use this information solely for the purposes of the inspection.

The Budget Committee approved a proposal submitted by Delyan Dobrev, Yordan Tsonev, and Denitsa Nikolova, which obliges traders with a turnover of more than BGN 10 million for the previous financial year to publish on a daily basis by 7 am in machine-readable format on their websites information on the final selling prices of goods offered for sale from the composition of the large consumer basket. Based on this data, the Consumer Protection Commission will create and maintain a website where daily information on retailers' prices will be published.

The bill provides for penalties for violations of these provisions ranging from BGN 10,000 to BGN 100,000, and for repeat violations, from BGN 20,000 to BGN 200,000.

A proposal by Martin Dimitrov from the Continue the Change-Democratic Bulgaria and a group of MPs, submitted between the first and second readings, defining exactly how the final individual retail prices of goods must be displayed, which traders with a turnover of more than BGN 10 million must publish every day by 7 am, was also approved by the committee. According to Dimitrov, these texts will allow the publication of accurate information rather than average prices of goods.

The commission also approved a proposal submitted by Delyan Dobrev and Atanas Atanasov from the BSP-United Left, which provides that the requirement for dual pricing shall not apply until January 1, 2026, to the retail price of books, textbooks, teaching aids and other printed works, including educational books and teaching kits, children's books with illustrations, for drawing or coloring, printed or handwritten sheet music.

MPs also approved amendments tabled by Delyan Dobrev, Yordan Tsonev, and Denitsa Nikolova, which define “essential goods” as bread, milk, eggs, electricity, water, and heating for domestic use, and prescription medicines. In the event of a significant increase in the prices of essential goods and services, the Council of Ministers may take temporary measures to counteract this.