The question of whether the social security contributions will be lowered should have been solved during June. In the government budget law for 2007 it is written: “After June 15th 2007, The Council of Ministers, if there is fiscal ability, should propose to the National Assembly the appropriate changes in the law in order to reduce the contributions in the Pension fund with 3%, starting July 1st, 2007”.
"Economic Policy Review" Bulletin ISSN 1313 - 0544
29th May is the Tax Freedom Day in Bulgaria in 2007. Calculation made by IME show that at this date citizens stop working for the government and start working for themselves. Tax Freedom Day is the first day of the year in which the government theoretically earned enough income to cover budgetary revenues in 2007.
One of the debatable topics in the media during the last week was the theme for the regulation of designers’ services. It became clear that a new methodology for the setting of remunerations will be introduced in September. The new methodology will replace the existing minimum prices for designers’ services. What does this mean?
The government approved the national plan for demographic development which is largely based on the respective strategy of the demographic processes in Bulgaria for the period 2006-2020, prepared by the Ministry of Labour and Social Policy.
Lately the National Statistical Institute (NSI) released preliminary data about the gross domestic product (GDP) and its components for the first quarter of 2007. The tendency for real growth above 6% continues and this signifies a stable pattern of economic development for Bulgaria.
1st of July 2007 is an emblematic date for the European Union, in particular for Bulgaria, because this is the official date of liberalization of the energy market in the EU. This means that the private consumers, not only industrial ones, will have the possibility to buy electric power and heat supply from foreign suppliers and to negotiate the conditions of their contracts.
4-5 years ago nobody was truly interested in the stock exchange - neither the state, nor the investors. If, by default, anybody got interested and decided to invest money, in most of the cases he used to lose the invested money.