logo-right

Archive / News from Bulgaria

As of 05.12.2017

Are the rules of antitrust violations in Bulgaria uniform as these in Europe?

In a special article for Capital daily from 27.11.2017 our colleague Emil Lukaev has discussed the transposition in the national legislation of the European rules governing the actions for damages for infringements of the competition law.

The analysis consists of some of the highly recommended practices in the European countries, regarding the antitrust violations, established in Directive 2014/104/EU of the European parliament and of the Council of 26.11. 2014 on certain rules governing actions for damages under national law for infringements of the competition law, which is to be transposed in the Bulgarian national legal framework. The article aims to focus on the possibilities for more effective protection of the business and the consumers and, hence, to the overall strengthening of the internal market.

The practices for providing evidences for such claims, the passing-on of overcharges and the limit of liability of the offenders are also a scrutinized topic.

An exhaustive commentary on this topic could be found at:

http://www.capital.bg/biznes/konsult/2017/11/26/3084015_uednakvena_zashtita_za_biznesa_i_potrebitelite_pri/#

As of 20.11.2017

After the International Consortium of Investigative Journalists received access to a total of 13.4 million files from the internal data base of Appleby, company providing legal and corporate services and operating in the territory of ten jurisdictions, the society got clearer view of the countless means through which undertakings and natural persons could avoid taxation through factitious judicial structures.

Even though the revelations are of a global extent, on 14.11.2017 the members of the EU Parliament discussed in Strasbourg the need of clear actions by the EU member States aiming to procure more fair tax policy to counter the unfair tax practices.

Some of the main topics of the debates were:

·         The transparency in the activities of the tax intermediaries (banks, insurers, consultants etc.) and namely the obligation to systematically disclose their actions to the tax authorities. Some of those actions are included also within the measures for combating money laundering;

·         Validation and diversification of the automatic exchange of information between the member States;

·         Creation of a blacklist in connection to tax havens and related sanctions and measures against those tax havens.

The EU Economic and Monetary Affairs, Taxation and Customs Commissioner Pierre Moscovici appealed for adoption of the blacklist on the next plenary meeting of the ECOFIN Council on 5 December 2017 and for as quick as possible adoption by the EU members States of a Common Consolidated Corporate Tax Base.

Thus it would be possible to achieve progress in combating tax avoidance as well as more justice and transparency in taxation.

As of 08.11.2017

PM&P advised on the sale of CEZ a.s. Bulgarian hard coal-fired thermal power plant Varna

PM&P in collaboration with Weil, Gotshal & Manges has successfully assisted the sale of CEZ a.s. 100%-owned Bulgarian subsidiary TPP Varna to the Bulgarian company SIGDA OOD.

Our team, led by the partners Ivan Markov and Svetoslav Dimitrov, advised CEZ a.s. throughout the acquisition process and coordinated the preparation of the sale and purchase documentation, thus securing fast, safe and effective signing. The deal is still in progress and we, together with Weil, Gotshal & Manges, are currently assisting the client in connection with the merger clearance aspects of the acquisition.

We also continue to provide ongoing advice regarding the sale of its remaining subsidiaries in Bulgaria.

As of 20.10.2017

PMP with active participation at a Bulgarian-Russian Investment Forum in Sofia

A key Bulgarian-Russian Investment Forum, which was hosted by the Bulgarian Chamber of Commerce and Industry, took place on 19th and 20th October, 2017 in Sofia. The meeting was dedicated to the economic development with respect to joint investment projects of both countries, which have traditionally good bilateral relations, and the registered participation of more than 100 Bulgarian entrepreneurs was an indicator for the great interest in such future progress itself.       

The forum highlighted the business opportunities and the good climate for investments in perspective projects in the areas of agriculture, real estate, industry, financial institutions and tourism in Bulgaria, whereby particular investment projects and business proposals were presented by the representatives, entrepreneurs, from the Russian Federation.

It goes without saying that Penkov, Markov and Partners, attorneys-at-law, represented by its Managing Partner Svetoslav Dimitrov, as well as by Roman Stoyanov and Boris Lazarov, did not miss the opportunity to be an active part of the event, being a law firm that is highly involved in establishing and promoting direct business contacts between representatives of the Bulgarian and the foreign business. The Executive Director of the Bulgarian Investment Agency, Mr. Stamen Yanev, discussed with us in detail also particular areas where the Russian investments in Bulgaria could be facilitated.