What can I do if a financial correction is imposed on my project?
If the financial correction procedure has just started, it is very important that you exercise your statutory right to submit written objections to the merits and amount of the proposed financial correction and to present evidence where necessary. The effort and time spent at this stage can save you a lot of headaches and time in legal battles. If the procedure for determining a financial correction has been completed and an act for determining a financial correction has already been issued, you have the right to appeal to a court. We recommend that before you decide to litigate, you consult with an experienced professional to discuss the chances of success.
When will the Whistleblowing Directive become mandatory in Bulgaria?
European directives are legislative acts that set a specific goal that member states must achieve through appropriate national regulations. In this sense, Directive (EU) 2019/1937 - on the protection of whistleblowers for violations of Union law, will be transposed in Bulgaria through the forthcoming Protection of Whistleblowers Publicly Disclosing Information on Violations Act. The draft of this law was published for public consultation in April, and the deadline for submission of comments expired on May 23, 2022. The exact date on which the law will be adopted remains unknown, but the deadline for this has already expired at the end of 2021, which is why its adoption is expected very shortly.
How to build a Solar power plant?
Solar energy is becoming more and more attractive, both for own needs and for the purpose of selling the produced electricity. At the moment, the procedures are cumbersome and long, including various applications, preliminary contract with the Electricity distribution companies, technical design of the plant, building permit, etc. It is expected that some reliefs will be introduced in the near future if the plant is for own needs. For detailed information, expect our article in the Blog of the site. Regarding the available opportunities for free financing of Renewable energy power plants, check the current funding programmes on our website or in our social networks.
How are public procurement procedures awarded? How to participate in a public procurement (tender) procedure?
The process of awarding or applying in a public procurement procedure can often seem complicated and quite confusing. First of all, we should clarify that the various types of contractor selection procedures aim at a transparent and efficient use of some type of public resource. Depending on the origin of this resource and the category of contracting authority under which you fall, these procedures (often united for convenience under the term "public procurement") are regulated by various legal acts (Public Procurement Act, different Decrees of the Council of Ministers), apply different price thresholds to determine the type of procedure to be performed, etc. If you need help navigating the ocean of rules, you can contact us, both if you need to award a public contract and if you want to apply as a contractor.
What is a Bulgarian Investment Class Certificate and how can it help my business?
The issuance of an investment class certificate provides for a number of privileges, incentives and reliefs for investments in durable tangible and intangible assets and the related new jobs carried out on the territory of the Republic of Bulgaria. The main types of privileges and reliefs are: tax reliefs; individual administrative service and shortened terms for administrative service under various laws (for example, faster issuance of a design visa, faster approval of investment projects, faster issuance of a fire safety certificate); sale of properties - private state or private municipal property, without auction or tender procedure at market or lower prices; financial support for building elements of the technical infrastructure; partial reimbursement of mandatory insurance contributions made by the investor at his expense, in his capacity of employer, etc. The certificates are issued for investment classes or for a priority investment projects in accordance with the Investment Promotion Act, respectively by the Minister of Economy (for investment class "A" and "B" and for a priority investment project) or by the mayor of the municipality (for an investment project of municipal importance).
What is GDPR and how to comply with its requirements?
What is ESG and what do I need to know about sustainability reports (non-financial reports)?
The so-called ESG (Environmental, Social, and Governance) business management is a relatively new concept, according to which companies must develop their activities sustainably and with the future in mind, and not just for the purpose of short-term growth. The three main pillars of this philosophy are environmental, social and corporate responsibility. Environmental factors include, for example, actions against climate change, harmful emissions and greenhouse gases. Social factors show how the company manages its relationships with employees, suppliers, customers, which include labour standards, health and safety care, etc. Corporate governance refers to the qualities of company management, executive pay, audit and internal control procedures, management transparency, etc. Although the legislation in this sphere is still in its initial stage of development, there are already European acts aimed at laying the foundations for responsible and sustainable business development. Such a legal act is the new Corporate Sustainability Reporting Directive (CSRD), which expands both the scope of the non-financial information which should be reported and the range of obliged legal persons. This is the first bolder step towards establishing a common European framework for business sustainability. If you are in search for ESG consultations - we are at your service!