Bulgarian Businesses to Save BGN 144.5 M Annually thanks to Anti-Red Tape Measures

Bulgarian businesses are expected to save BGN 144.5 M a year as a result of anti-red tape measures envisaged in the 3rd action plan for administrative burden reduction by 30% by end-2017.

The action plan was adopted by the Bulgarian government on Wednesday.

A project developed by the Economy Ministry in the period 2012-2014 measured the administrative burden created by 16 laws, 130 regulations, and 129 related acts of EU legislation. The legislation that came under scrutiny was selected after consultations with the business sector.

The study evaluated the red tape created by the 16 laws at BGN 385 M, including BGN 270 M (70.1%) related to EU requirements, according to the government's press office.

The latest action plan envisages 130 measures that are expected to allow businesses to save BGN 144.5 M a year.

The measures include reduced timeframes for services, simplified procedures and document requirements, electronic document submission, exchange of information between institutions through official channels, development of instructions and samples of documents, publication of documents online, etc.

The measures related to the exchange of information between public institutions and the National Revenue Agency and the Registry Agency, as well as measures within the competence of the Finance Ministry and the Agriculture Ministry, are expected to contribute the most to the reduction of the administrative burden.

The action plan is tied to Bulgaria’s commitment as an EU Member State to cut excessive regulation.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!