Bulgarian Parliament Amends Law On Offshore Entities
Thursday, 10 July 2014
Lawmakers adopted at first reading amendments to the law regulating the activity of offshore companies in Bulgaria, the website Money.bg reports.
Changes to the Act on the Economic and Financial Relations with Companies Registered in Preferential Tax Regime Jurisdictions, the Persons Related to Them and Their Beneficial Owners (as the current legislation is fully titled) are aimed at tackling corruption and illicit backdoor maneuvers in public procurement.
Such firms will be hindered from receiving a A-, B- or C-Class investment certificate and will not be assigned any priority project as defined by the Investment Promotion Act.