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Bulgaria passes duty-free billBulgaria passes duty-free bill
Gavin Lipsith
26-May-2006
A landmark in Bulgarian duty-free is passed as the country introduces its first dedicated regulations on the trade
The Bulgarian cabinet has passed the long-awaited duty-free trade bill, the country's first specific regulations on duty-free retail. The new bill sets out the regulatory framework for operators and differentiates duty-free from other activities governed by Bulgaria's excise law.Under the new regulations duty-free retail can only be carried out at commercial sites in Customs-controlled areas at airports, ports or border checkpoints. It will be restricted to licensed companies with a minimum capital requirement of BGN2m ($1.3m). Operators will also be connected to Customs through a real-time connection enabling timely transmission of financial data. Shops will also be under constant surveillance bu closed-circuit television cameras.
Keep an eye on RavenFox.com for more details and reaction.
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