Country Updates
As the IMF say in their most recent staff report on the country, the aftermath of the recent severe economic crisis leaves us with the question as to whether potential output growth in Bulgaria in the years to come is going to be markedly lower than it was during the boom years. As the IMF point out, the current recession was preceded by an investment boom in construction, real estate and the associated financial sectors.
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Article
From November, a zero VAT rate put in place as an interim measure to combat scams is being replaced by a new system whereby the customer, rather than the supplier, has to account to HM Revenue & Customs (HMRC) for VAT.
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