A quarter of EU Member States have introduced taxes on bank excess profits, and France, Germany, the Netherlands, Belgium and Sweden also have additional taxes on the banking sector as contributions to sectoral reserve funds. This is noted in an analysis by the Fiscal Council on which EU Member States impose taxes on bank excess profits and how these taxes work, the Council reports. Sweden's "risk tax" (0.06 percent of bank liabilities) is an additional tax imposed on large banks and credit institutions, in particular those whose liabilities exceed a certain threshold, the analysis states. In order to alleviate inflation, Member States, mainly from Central and South-Eastern Europe, have introduced taxes on excess profits and windfall revenues - Italy, Hungary, Slovakia, Spain or defence spending packages - the Czech Republic, Latvia and Lithuania, the analysis further notes. Even when the imposed measures on banks' excess profits expire after 2025 or 2027, future budgetary challenges, such as increased defense spending, could lead to their extension or reactivation, the analysis says. According to the Fiscal Council, Bulgaria could benefit from the experience of other EU member states in financing anti-inflation aid packages for socially vulnerable groups, as well as in financing more defense spending.

Gross domestic product (GDP) per capita is the main measure of economic activity in a country. It is usually believed that the higher this indicator, the richer the people and the country as a whole, and that the standard of living in the given country is higher. According to this extremely important indicator, there are significant differences among EU countries, according to data published by the National Statistical Institute (NSI). If we conditionally assume that the average GDP per capita for the entire EU is 100 units, it turns out that 10 of the 27 countries will have a GDP per capita above the average in 2024. The highest GDP per capita is in Luxembourg (242% of the EU-27 average), Ireland (211%) and the Netherlands (136%). They are followed by Germany (118%), Austria (112%) and Belgium (112%). At the same time, the lowest GDP per capita is in Bulgaria (66% of the EU-27 average), Greece (70%) and Latvia (71%). This means that Bulgaria is in fact the poorest in the European Union, with GDP in our country being an impressive 34% lower than the EU average. And compared to the EU country with the highest GDP per capita, Luxembourg, the indicator for Bulgaria is only about one third.

OFFICE FOR SALE – 500 sq.m, in the center of Sofia

The Road Infrastructure Agency is finalizing the procedure for the construction, implementation and maintenance of a system for tracking and analyzing traffic on the country's roads. The contractor has been designated DZZD "Road Systems 2025", a merger between "Balistic Cell" EOOD and "Innovation Cloud" AD. The merger has proposed a total contract value of over 18.4 million BGN excluding VAT (18,492,000 BGN), i.e. about 8 thousand BGN less than the estimated value of the tender - of 18.5 million BGN. The other participant - "Contrax" AD was removed from the procedure at the technical offer stage and thus its price proposal was not opened. The public procurement was temporarily blocked due to a complaint from a third company - "Ita Engineering" OOD, which challenged the terms of the tender before the Commission for Protection of Competition (CPC). The CPC rejected these reasons, and an appeal was subsequently filed with the Supreme Administrative Court (SAC). The new system must cover the entire national road network, use intelligent video cameras with analytical functions, and analyze road traffic congestion. Many of the activities that are included in the new system can most likely be performed by the toll system. Some of the activities include building IT infrastructure, developing new software, integrating, and training employees. An existing system, built between 2014 and 2015, is already obsolete, and its maintenance has been discontinued. The system will cover highways, as well as I, II, and III class roads. It is planned to install at least 412 license plate recognition cameras, as well as the same number of cameras with built-in radar for simultaneous speed measurement and vehicle identification, as well as at least 330 surveillance cameras. The project also includes warranty and technical support for the system for a period of 36 months and training for 10 RIA employees – eight users and two administrators.

The hotel sports, recreation and residential complex "SamElion" has been opened in Samokov - a project with a total value of between 130 and 140 million leva. "SamElion" is built on a terrain of over 75 acres and includes both a public area with a hotel, a conference and SPA center, restaurants and a multifunctional sports hall with 3,000 seats, as well as a residential area with 36 single-family and terraced buildings, located in a closed green environment with alleys and park infrastructure. The initiator and main investor of the complex is "Samel-90" AD - the largest employer in the area. "SamElion" is located at 16 "Prespa" Street - meters from the Iskar River and at the foot of Rila, just a few minutes from the slopes of Borovets. The houses in the residential area have an area of ​​​​200 to 400 sq. m. The complex also offers the option of management and rental of the properties by the hotel team, making it not only a good place to live and relax, but also a potential investment. SamElion is expected to create over 200 new jobs and become an international center for sports events, camps and professional training.

Bulgaria is expanding its influence in the regional gas market with a new subsidiary in Moldova, while the liquefied natural gas terminal in Alexandroupolis is preparing to restore full capacity only after October. State-owned Bulgargaz is on track to register a subsidiary in Moldova to carry out direct sales of natural gas in the country, Valentin Nikolov, chairman of the Bulgarian Energy Holding (BEH), announced. The new company will use the free capacity on the Trans-Balkan gas pipeline to supply gas not only to Moldova but also to the border regions of Ukraine. The move comes in response to the suspension of supplies from Gazprom to Moldova and Transnistria during the winter, which forced Chisinau to seek alternative sources with the help of the EU. The Trans-Balkan gas pipeline, which has traditionally been used to transport Russian gas through Ukraine to the Balkans, is reversible, meaning the infrastructure is technically prepared to operate for supplies in the opposite direction. Meanwhile, the floating liquefied natural gas (LNG) terminal in Alexandroupolis, Greece, in which Bulgaria has a 20% stake, will resume partial operations from August 15, and at full capacity only from October 1. According to Vladimir Malinov, director of Bulgartransgaz, the reasons for the delay are the repair of defective pumps sent for service in Italy and the United States. The terminal, which only began operating in October 2024, stopped operating at the end of January due to technical problems. Alexandroupolis is a key element of the ambitious Vertical Gas Corridor - a project of 7 countries (Greece, Bulgaria, Romania, Hungary, Ukraine, Moldova and Slovakia), which will reverse the traditional flows of gas from north to south. It will allow supplies from the south (including from the United States, Egypt and Azerbaijan) to countries in Central and Eastern Europe, which the EC is seeking to wean off Russian gas by 2027.

The Court of Justice of the European Union ruled on case C-785/23, related to the VAT taxation of part of the activities of "Bulgarian Posts". The decision is of particular importance for the interpretation of the scope of the so-called universal postal service and when the state operator can apply tax exemption. The reason for the case is an audit, in which the Bulgarian tax administration established that "Bulgarian Posts" had declared certain supplies as part of the universal postal service - a service that is exempt from VAT by law. According to the NRA, however, these services do not meet the criteria for a universal service, as they are provided under individual agreements and under conditions that deviate from the standard ones. That is why they are conducting an audit from the revenue agency and demanding 1.7 million leva VAT, which bill increases to 2.7 million with interest. These are contracts concluded with individual customers, in which specific parameters are agreed upon - place of collection and delivery, frequency, working hours and even lower prices than those set by the Communications Regulation Commission (CRC). It is this individualization that is at the heart of the dispute. After the Sofia City Administrative Court annulled the revision act, the NRA appealed to the Supreme Administrative Court, which in turn sent a preliminary ruling to the Court of Justice of the EU. In its decision, the Court in Luxembourg is categorical: deliveries that are intended to meet the specific needs of individual customers and are not available to all users on equal terms do not fall within the scope of the universal postal service. Therefore, they cannot benefit from the VAT exemption that European law provides for this category of services. The Court also emphasizes another important condition - in order for a service to be exempt from tax, it must be performed under conditions approved by the national regulatory authority. Deviations from these conditions - for example through individually negotiated lower tariffs - are another reason for losing the tax relief. The decision sets a precedent of practical importance not only for Bulgarian Posts, but also for other service providers with a special status that combine public obligations with commercial activity. It also provides further clarity for the interpretation of VAT exemptions within the European Union.

Courier company Sameday reports significant growth in out-of-home deliveries in Bulgaria. Over 45% of all the company's shipments were delivered to easybox lockers and Sameday point partner locations in 2024. This is almost double the share of 25% in the previous year. Since entering the Bulgarian market in 2022, Sameday has been repeatedly increasing the number of its points for receiving shipments and currently has the largest network of out-of-home delivery points in the country. Sameday already operates nearly 1,500 out-of-home delivery points in 208 settlements in the country, including 800 easybox lockers and over 650 Sameday point partner locations in the network of Bulgarian Post Offices, Mareshki pharmacies, CashCredit and Fastpay.

The General Meeting of Shareholders of Fibank (First Investment Bank) has decided to capitalize the annual profit for 2024. The assets of Fibank have grown by 13.4% and reached BGN 16.86 billion in 2024. The net profit amounted to BGN 145 million, with the main contribution coming from stable income from interest and fees. The bank's loan portfolio reached BGN 8.54 billion, with Fibank strengthening its position among the leading five banks in Bulgaria. Three of the bank's longest-serving successful managers - Maya Georgieva, Evgeni Lukanov and Yordan Skorchev - received a one-time additional remuneration for their contribution to the development of the bank.

Europe could stagnate unless urgent action is taken to address slowing growth, weak investment and rising geopolitical threats, the International Monetary Fund (IMF) warned, quoted by Bloomberg. Trade tensions and weak demand are stifling momentum, with the economy at risk of a sharp downturn, the Washington-based fund said on Thursday. The euro zone is expected to grow by just 0.8% in 2025 despite record-low unemployment and inflation that is close to target. To revive productivity, the IMF called for a “decisive push” for the long-delayed deepening of the EU’s single market, adding that fragmentation across borders is stifling innovation and corporate growth. The costs to companies of existing barriers within the EU are equivalent to a 44% tariff on goods and 110% on services, the IMF said. Removing these barriers through regulatory harmonization, capital market reforms and labor mobility could boost gross domestic product by 3% over a decade, the fund added. Eurozone growth is set to be just over 1% in the coming years. As defense spending, an aging population and climate change push up overall spending, countries with fiscal space need to invest, but heavily indebted member states face painful consolidation, the IMF said. It called for a 50% increase in the EU budget to meet the overall goals. The fund saw risks of a worsening business environment for companies with U.S. exposure, which could weigh on banks’ balance sheets. But it described Europe’s banking system as “adequately capitalized and liquid” for now. In its final statement after the so-called Article IV consultations, the IMF also warned that non-bank financial companies could threaten financial stability.

The Federal Reserve left its key interest rate unchanged as expected, but now expects lower growth in the US economy and higher inflation due to the uncertainty caused by President Donald Trump's trade and anti-immigration policies. Expectations for two quarter-point rate cuts by the end of the year still prevail, but central bankers seem more divided about the future trajectory of monetary policy. The Fed's key interest rate remains unchanged for the fourth consecutive meeting at 4.25% - 4.50%. According to the central bank's new forecasts, growth in the world's largest economy in 2025 will be only 1.4%, half the result achieved last year. Unemployment is expected to rise from its current level of 4.2% to 4.5%, and inflation, measured by the personal consumption expenditure indicator, will increase from 2.1% in April to 3%. In March, central bankers predicted that the US economy would expand by 1.7%, unemployment would reach 4.4%, and inflation - 2.7%. However, uncertainty about trade policy has decreased after peaking in April, but still remains elevated. The Fed must also balance another risk to the economy - war in the Middle East. According to the central bank, it could lead to higher energy prices, which, however, are not expected to have a lasting effect on inflation.

Demand for liquefied natural gas in Asia is at a record low in the first half of the year, according to data cited by Reuters columnist Gavin McGuire. The slump in demand has pushed prices down 16% since the beginning of the year. The reason is the slowdown in economic growth and trade disputes that have denied China access to American gas. The only hope for the market comes from Taiwan, which, fortunately for traders, just closed its nuclear power plants and switched to gas. Expectations are for a summer with normal, that is, lower temperatures compared to recent years, which is also bad news for importers of liquefied natural gas in the region. There is also another positive news - gas demand in Japan may increase against the background of plans to develop artificial intelligence in the country, which will require additional energy. In the first half of the year, 124 million tons of liquefied natural gas were delivered to Asia, or almost 19 million tons less than in the first half of 2024. Deliveries to China are almost halved to 28 million tons. There are also cuts for the other main markets in the region - Japan (3 million tons to 30 million tons), South Korea and India. At the same time, imports to Europe are growing by almost 8 million tons to 62.5 million tons. The increased demand in Europe is related to the gas storage injection season. According to data from Gas Infrastructure Europe, as of June 17, European gas storage facilities are full to 54% of their capacity, and by regulation, the occupancy level should be 90% by November 1. Due to the cold weather in winter, gas storage facilities were emptied more than in previous years, which requires more quantities for injection.