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LEGAL ASPECTS OF THE PRIVATE SECTOR IN BULGARIA
CONCLUSIONS
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There is now a sufficiently broad
legislation framework in Bulgaria for the economic activity of the
private sector. Its development will above all be closely related
with the privatization process, as private business still does not
have the means of production concentrated in the state-owned
enterprises. The possibilities for participation of private
business in privatization have been provided for by the Law on the
Transformation and Privatization of State-Owned and Municipal
Enterprises.
A number of areas, however - taxation, the
securities market, stock-exchanges, trade transactions,
collaterals, land registries - are either subject to outdated, or
no legislative regulation at all. Furthermore, even in the presence
of modern legislation, the institutions authorized to enact it -
administrative or court authorities - fail to operate efficiently.
Those are the chief obstacles to the full-scale unfolding of
private enterprise.
Our economic legislation still leaves a
lot to be desired with respect to the private sector. An updated
regulation of trade transactions would boost economic activity and
would likewise contribute to a greater stability of the relations
between the commercial entities. A number of laws still include
provisions that tend to keep up certain contradictions between the
public and the private sector. It is necessary to remove the
ambiguity and lack of "transparence" in the legal
framework.
Concerning the tax system, the principle
should be upheld for all taxes to be established only by laws and
for the provisions to be optimally clear and exhaustive, so as to
avoid any conflicting interpretations in the process of their
enactment. There should be internal consistency and conformity
among the tax laws if they are to form a unified tax system. The
legislation should be characterized by stability and continuity in
order to allow taxpayers to make long-term economic development
plans without facing constant uncertainty of their financial
relations with the state. Tax concessions for the private sector
ought to be equal for all entities - regardless of the particular
legal status or the share of state or private capital.
Sofia
December 15, 1994
Valentin Georgiev
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