Bulgarian overview
Economic overview
- EU, NATO and WTO member
- Area - 110,994 km2
- Population - 7,36 million
- GDP reached Euro 40 bn. in 2013 and Euro 42 bn. in 2014
Gas market
- Bulgarian gas market is very small in comparison to other European countries.
- Current average price for natural gas to both retail and industrial consumers is Euro 268/1000 m³
- Bulgaria has well developed infrastructure for transportation of natural gas - network reaches Turkey, Greece & Macedonia.
- Parliament introduced a moratorium on all hydraulic stimulation for conventional and unconventional gas at the beginning of 2012. Moratorium now amended to cover unconventional gas.
Natural gas production and consumption in Bulgaria, bn. m3
Natural gas proved reserves in Bulgaria, bn. m3
Fiscal Terms
Corporate income tax
monthly payments required |
10% |
VAT
monthly payments required |
20% |
|
Royalty fee
R-factor = TCI/TCC
where
TCI- cumulative income, related to the object of concession for all periods under review, reduced by the paid concession payments;
TCC - cumulative costs of prospecting, exploration, evaluation, development, operation, for all periods under review;
|
The calculated R-factor is in the following limits:
Under 1.50:
Concession 2.5%
1.50 to 1.75:
Concession 5.00%
1.75 to 2.00:
Concession 7.50% to 12.50%
2.50 to 3.00:
Concession 12.50% to 22.50%
Above 3.00:
Concession 25.00% to 30.00%
|
Pension & Social Security Contributions
monthly payments required |
18% to 20% |
