The law amending and supplementing the Law on Amendment and Supplement of the Act on Administrative Regulation of Economic Activities Involving Crude Oil and Petroleum-Derived Products (popularly known as the Fuels Law) came into force this January 25, the press centre of the Ministry of Economy announced. The amendments ease the registration requirements for oil and petroleum products trading by introducing differentiated thresholds for minimum capital and collateral, depending on the net sales revenue for the previous calendar year, as a prerequisite for carrying out the respective activity. The texts adopted at second reading in the law prohibit the loading of road vehicles with products of petroleum origin, which have not been accounted for in accordance with the Law on VAT and the Ordinance on cash registers. A fine of BGN 10,000 to BGN 100,000 is provided for the offenders. For companies, the sanction is from 20,000 to 200,000 BGN. The activity of temporary storage and/or refuelling by a farmer of petroleum products intended for his own economic activity shall be excluded from the scope of the Act. According to paragraph 25, para. 1 of the law, within two months of its entry into force (or by March 25, 2020), the Minister of Economy shall adopt Ordinance No. RD-04-2 / 16.07.2019 on the terms and conditions for keeping a register of persons engaged in economic activities related to petroleum and petroleum products, in accordance with new legal texts. With para. 2 of the same paragraph, the deadline for registration of persons who have not submitted an application before the law enters into force is three months from the entry into force of the amendment to Regulation No. RD-04-2, ie. no later than June 25 this year. We would like to remind you that as of October 28, 2019, V-GAS BULGARIA has its first registration in accordance with the Law.
