Bulgaria

According to the Constitution, Bulgaria is a Parliament Republic, a unified state with local self-government. The official language in the republic is Bulgarian. The traditional religion in Bulgaria is the Eastern Orthodox Christianity. The national state emblem of Republic of Bulgaria is an upright golden lion in a dark red background in the shape of a shield. The national emblem of Republic of Bulgaria is depicted on the state seal. The flag of Republic of Bulgaria consists of three colors: white, green and red, laid horizontally from top to bottom. The anthem of Republic of Bulgaria is the song Mila Rodino (Dear Motherland). The capital of Republic of Bulgaria is Sofia City. All citizens are equal before law. No limitations in rights or privileges are allowed, based on race, citizenship, ethnicity, sex, origin, religion, education, beliefs, political affiliations, personal or social position or property status. The state authority is divided into legislative, executive and legal. The political life of Republic of Bulgaria is based on the principle of political pluralism.

The economy of Republic of Bulgaria is based on the free economic initiative. The state creates conditions for free development of science, education and arts and supports them. It takes care of the preservation of the national historical and cultural heritage. According to the Constitution, the basic institutions of the state are the National Assembly (Parliament), the President, the Council of Ministers, the Legal Bodies (court, prosecutor’s office, investigation office), the Constitution Court, the Higher Court Council, the bodies of local self-government, etc. The National Assembly performs the legislative authority and exercises parliament supervision. The President is the head of the state. He embodies the unity of the nation and represents Republic of Bulgaria in the international relations. The Council of Ministers is in charge of and performs the external and internal policy of the country in conformity with the Constitution and laws. The legal authority defends the rights and the legal interests of citizens, the juridical persons and the state. In its new history (after the Liberation in 1878) the state was governed by governments led by 50 Prime Ministers. The territory of Republic of Bulgaria is divided into municipalities and counties. As of the moment there are 264 municipalities (LAU 1), 28 administrative areas (NUTS 3) and 6 planning regions (NUTS 2).

The economy of Bulgaria is a market economy, which is open, with developed private sector, and limited number of state enterprises. Bulgaria has been a member of the World Trade Organization since 1 December 1996. Since 1 January 2007 Bulgaria has been a member of the EU. The Bulgarian economy is characterized by economical, political and financial stability. The country has a strategic geographic location, a liberalized access to markets with more than 560 million users and the lowest corporate tax in EU - 10%. There are options for a zero percent tax for investments in municipalities with high level of unemployment, as well as increased amortization norms (in 50%) for investments in new machines, manufacturing equipment and apparatuses, computers, peripheral devices and software. On the territory of Bulgaria there are options for using tax credits according to the special order for VAT assessment upon importing for implementation of investment projects for more than 10 million BGN. Here there are options for 5% tax upon the dividends and 10% “flat rate” upon the incomes of physical persons. The country distinguishes with the lowest operative costs in the EU. The level of the state debt and the state deficit for 2011 is at one of the lowest levels in the EU. The state is one of the three states in the EU, which kept their tax rates unchanged in comparison with the pre-crisis period. As of 1 January 2011 Bulgaria is the state with the lowest tax burden for households and business in the entire European Union. The country distinguishes with the foreseeable fiscal policy and the firm environment for making business, which determines it as one of the most stable states in the EU.

With its population, which is 7,351,234 as of 01.02.2011 (72.9% - town/city population), Republic of Bulgaria is famous as one of the best manufacturers of yogurt and milk products, rose oil products, wines and brandies. One of the most successful industries in the country is tourism.