site.bta AmCham Recommends More Powers for InvestBulgaria Agency and an Independent Judicial System

AmCham Recommends More Powers for InvestBulgaria Agency and an Independent Judicial System

Sofia, March 7 (BTA) - To increase investments in Bulgaria it is important to give more powers to the InvestBulgaria Agency, a White Paper of the American Chamber of Commerce in Bulgaria (AmCham) says. The White Paper was presented Tuesday at BTA's national Press Club by AmCham's Vice-President Sergey Koinov, Board member Iva Todorova and Executive Director Alex Nestor.

The promotion of investments requires a predictable and non-discriminating regulatory environment and concrete incentives to make the country a preferred destination in the region, the document says.

In the sphere of taxation, AmCham recommends the adoption of a long-term tax policy developed in consultation with all stakeholders. The chamber wants the 10 per cent income tax preserved for all natural and legal persons. It also wants the increase of the maximum insurance contribution to be stopped, as well as an increase of collectability of due taxes.

The introduction of digital public procurement should be a top priority for the government and should be based on internationally recognized standards and best practices. The chamber recommends work to overcome the essential shortage of digital skills in the country by reform of the education system. Other recommendations include development of the local capital market, completion of the liberalization of the energy market, and introduction of electronic healthcare and new employment models.

In the opinion of AmCham, the revisions to the Constitution and the Judicial System Act in 2015 and 2016 started a process to achieve a fully-fledged judicial reform aimed to overcome one of the main obstacles before economic growth. To complete this reform there should be complete independence of the judicial system, transparency and accountability of the prosecution service, specialization and qualification of judges, and a system of electronic justice.