On January 25 this year, the law amending and supplementing the Law on Administrative Regulation of Economic Activities Related to Oil and Petroleum Products (ЗАРИДСНПНП) will come into force, the press center of the Ministry of Economy announced.
The amendments ease the requirements for registration for trading in petroleum and petroleum products by introducing differentiated thresholds for minimum capital and collateral depending on net sales revenue for the previous calendar year as a prerequisite for performing the relevant activity.
The texts adopted at second reading in the law prohibit the refueling of road vehicles with petroleum products that are not reported in accordance with the VAT Act and the Cash Register Ordinance. A fine of between BGN 10,000 and BGN 100,000 is provided for violators. For companies, the penalty is between BGN 20,000 and BGN 200,000.
The scope of the Act excludes the temporary storage and/or loading by farmers of petroleum products intended for their own economic activity.
Pursuant to paragraph 25, section 1 of the law, within two months of its entry into force (or by March 25, 2020), the Minister of Economy shall bring Regulation No. RD-04-2/16.07.2019 on the procedure and conditions for keeping a register of persons carrying out economic activities related to petroleum and petroleum products into line with the new legal texts.
Paragraph 2 of the same section stipulates that the deadline for registration of persons who have not submitted an application before the entry into force of the law is three months from the entry into force of the amendment to Regulation No. RD-04-2, i.e. no later than June 25 this year.
We would like to remind you that VI-GAZ BULGARIA EAD has been registered since October 28, 2019, in accordance with ZARIDSNPNP.
