Archive for January, 2002

Personal Data Protection Act

Friday, January 4th, 2002

The Personal Data Protection Act came into force on January 1, 2002. It regulates the protection of individuals in the cases of personal data processing as well as access to personal data. “Personal data” is information about an individual, which reveals its physical, psychological, mental, family, economical, cultural or social identity. Personal data will be entered into registers kept by personal data controllers. Each person has the right to access the personal data concerning him. Personal data can be processed and revealed to third parties only when certain legal requirements are met. In case of non-compliance with these requirements the controllers are subject to serious sanctions. A special regulation will be issued to determine the minimum technical and organizational norms for personal data protection by the controllers.

Merger of Major Breweries Plevensko Pivo AD and Kamenitza AD

Wednesday, January 2nd, 2002

On January 2, 2002, with the active legal support of Borislav Boyanov & Co. the merger between the major Bulgarian breweries Plevensko Pivo AD (with one plant in Pleven) and Kamenitza AD (with plants in Plovdiv, Haskovo and Bourgas) was successfully accomplished . The merger was part of the process of corporate optimization of the Interbrew Group in Bulgaria, for which the firm has rendered continuous support during the last two years. In a complex procedure, the merger involved a tender offer to the shareholders of Plevensko Pivo AD, followed by a delisting of the company from the Bulgarian Stock Exchange and the List of Public Companies of the State Securities Commission, clearance from the Bulgarian Commission for the Protection of Competition, renegotiations on the terms of the Privatisation Agreement for the Plevensko Pivo AD shares, several General Meetings of the shareholders of the two companies to gain approval for the merger, as well as court procedures for its registration.

Amendments to the Tax Legislation

Tuesday, January 1st, 2002

The long expected amendments to the tax legislation were finally published in the State Gazette and came into force on January 1, 2002. The amended acts include: the Corporate Income Tax Act, the Personal Income Tax Act, the Value Added Tax Act, the Excise Duty Act and the Local Taxes and Fees Act. Amendments to individual taxation are generally aimed at slightly reducing the tax burden. As for corporate taxation, apart from reduction of the tax rates, amendments are aimed at stimulation of investment into production assets as well as of transparency in the accounting policy of companies.