site.btaFees Payable under Underground Resources Act Updated

The Council of Ministers Wednesday approved an ordinance on the amount, conditions, terms, and procedure for payment of fees under the Underground Resources Act, the government information service said. The ordinance provides for updating the amount of fees payable, which has not been changed since 2011.

According to the ordinance, investors will pay BGN 2,000, rather than the current BGN 1,450, for applying for prospecting and exploration permits and granting or terminating a concession. The extension of the term of granted permits and concessions will be charged BGN 1,000 instead of the current BGN 700. The fee for the transfer of rights and obligations under concluded contracts will increase from BGN 2,500 to BGN 3,000.

The new ordinance also sets the annual land fees payable by holders of prospecting and exploration permits. This is aimed at serving as a disincentive to the granting of permits for prospecting and exploring excessively large areas, which is often intended to curb competition.