News

About 5,000 villages in Bulgaria have registered a non-governmental organization to seek the promotion of rural tourism, more investments and modernized farming.

Among the association's objectives are to popularize and preserve Bulgarian folklore heritage and traditions and to enhance the access to information for people living in the countryside.

Reduction of the unemployment rate in Bulgaria's rural areas and improvement of education and health care will be also on top of priorities for the new Association of Bulgarian Village.

Archaeological finds in the centre of Sofia would be connected in an underground antique tourism complex.The network would include the ancient fortress Serdika, located close to the presidency, as well as the St Petka church and the recently found Roman theatre on Dondoukov Boulevard, Novinar newspaper reported.

 The property investment industry in Bulgaria has received something of a helping hand with news of significant economic development in the first quarter of 2006.
The Nation Statistics Institute has reported today that gross domestic product (GDP) in the first quarter grew by 5.6 per cent when compared to the same period last year. As reported by the Associated Press, Bulgaria's GDP reached 9.815 billion leva (£3.4 billion) in the period, with several sectors contributing.
Growth of 5.6 per cent was reportedly assisted by an increase of six per cent in the services sector and 8.8 per cent in industry, although the agriculture sector struggled with a slump of 2.7 per cent.

Companies operating in Bulgaria shall register their businesses at the newly established Registry Agency to replace existing court files.
As of 1 October 2006 all business registration will be moved to the new institution. The unified electronic data base will be connected with the National Revenue Agency.

The value-added tax (VAT) for hotel services will become seven per cent starting January 1 2007, according to the VAT draft law accepted in Parliament today.
The seven per cent will gradually increase to reach 20 per cent, Finance Minister Plamen Oresharski said.

Bulgaria is having something of a tourism boom at the moment, what with ski resorts such as Bansko and seaside resorts on the Black Sea.Now its Ihtiman and Sliven golf courses have gained an official licence to use the handicap index system of the American Golf Association, according to the Sofia News Agency, so now there is even more reason to check out some of Europe's best-kept secrets.
 

Bulgaria’s entry into the European Union on January 1 2007 will mean that the country will join the EU VAT Information Exchange System (VIES). At an October 1 seminar for journalists held at Slunchev Bryag (Sunny Beach) on the Black Sea coast, National Statistical Institute (NSI) and National Revenue Agency (NRA) officials gave a briefing on the procedures for Bulgarian trade with the rest of the EU. VIES provides that intra-community supplies of goods are exempt from VAT in the member state from which they are sent, when they are made to a taxable person in another EU state who will account for the VAT on arrival.

Sea and ski have been the traditional focuses for Bulgarian property investment; however, golf is just beginning to emerge as the third market for overseas investment. Currently there are just three golf courses in Bulgaria, namely St Sofia Golf Club & Spa set in Ravno Pole 15 minutes from the capital and two owned by Air Sofia, Ihtiman, 40km from the Sofia and Sliven in the heart of Bulgaria 90km from the Black Sea. All three have 18 holes and by all accounts are up there with the best of them. Air Sofia is also in the throes of constructing their third and fourth courses in the Lulin Mountains close to Sofia and in Razgrad 130km from Varna in the east of the country. Bulgaria is keen to capitalize on the rapid increase in foreign interest, using golf as a ‘carrot’ and this quartet will shortly be joined by several other courses to satisfy demand.

A lot more people these days are choosing Bulgaria for their summer holiday. As more and more people are discovering Bulgaria as holiday destination the tour operators and flight companies are starting to expand their service into this country. There is still an awful lot for Bulgaria to do before they get accession into the EU (which is currently set for 2007).

Property prices in Bulgaria's town of Blagoevgrad rose by 15 per cent in the past two months, Darik Radio reported.Blagoevgrad is in south-western Bulgaria at the foot of the Rila and Pirin mountains. The town is 54 km west of Bansko resort.