12.05.2022
NEW FUNDING UNDER THE REACT-EU PROGRAM
A completely new grant funding from the European Union is the REACT-EU program. Through it, the European Regional Development Fund (ERDF) is helping Bulgarian small and medium-sized enterprises to recover from the economic consequences of the spread of the COVID-19 pandemic.
The total amount of the grant under the procedure is BGN 136,226,120 (EUR 69,651,309.16).
The aim is to provide focused support to Bulgarian small and medium enterprises, thanks to which they can improve their energy efficiency. With this important tool, they will be able to stabilize after the economic turmoil of the last two years and continue their sustainable development. The full flexibility of the implementing rules, together with the financial allocation and use of existing programs until 2023, are the main elements on which the successful implementation of REACT-EU depends.
Sustainable energy supply, reducing greenhouse gas emissions, increasing security of supply and reducing import costs are the basis on which energy efficiency can be increased. They are also a means of increasing the EU's competitiveness. Energy efficiency is a strategic priority for the Energy Union and the EU.
With these funds, small and medium-sized enterprises in the manufacturing sector will be able to reduce their costs for electricity, natural gas, liquid fuels or other energy sources. The minimum amount of the requested grant for an individual project is BGN 25,000, and the maximum - BGN 150,000. The maximum aid intensity under the current procedure is 50%. The project will be implemented under the Operational Program "Innovation and Competitiveness" (OPIC) at the Ministry of Innovation and Growth.
In the first week of the procedure for improving energy efficiency, 811 micro, small and medium-sized enterprises applied for grant funding. The submitted project proposals are for nearly BGN 84 million. The total budget of the program is BGN 136 million. Companies from the processing industry will be supported under the procedure.
Depending on their needs, companies can receive between BGN 25,000 and BGN 150,000 in grants. One of the conditions for application is to have 50% own participation. The funds can be used to purchase energy-saving machines and equipment, as well as to make modern insulation of production bases.
The submission of projects under the procedure will continue until May 23 inclusive.
Another measure provides gratuitous financial support to companies with a turnover of over BGN 500,000. Under it, another nearly BGN 41 million are to be paid to 815 small enterprises to deal with the consequences of the pandemic. Each of the companies will receive BGN 50,000 to reimburse the operating costs for salaries, materials and consumables made during the pandemic.
636 of these companies have already signed contracts and are expected to receive their money within a maximum of three months. For the remaining 179 approved small enterprises, the negotiated procedure has started. They will receive approximately BGN 9 million, which were provided at the end of last month. Thus, the total number of companies supported under this measure of the Operational Program will be almost 4400. The allocated funds will exceed BGN 219 million. This will allow companies to reduce their energy bills and create conditions for their sustainable development.
Preferential loans for liquidity support and new investments of small and medium enterprises will be extended until the middle of the year. They will be guaranteed with an additional BGN 96.2 million from the OP "Innovation and Competitiveness" as part of the EU response to the pandemic under REACT-EU.
12.05.2022
ISRAELI ENERGY COMPANY NOFAR ENERGY WILL INVEST MORE THAN 300M EUROS IN ROMANIA
Israeli Nofar Energy will invest more than 300m euros in the construction and purchase of wind and solar power in Romania over the next two years.
The company aims to reach a capacity of 1 GW of renewable energy (RES) projects in Romania by the end of 2022, both organically and through acquisitions, the company said in a statement. "We have the necessary financial resources and our shareholders are very open to investing in Romania," said Favi Stelian, CEO of Nofar Energy Romania.
Nofar recently signed a € 130 million deal for a 169 MWp photovoltaic fleet in Epureste, Giurgiu County, to be built in the first half of 2023. The project is likely to be expanded to 400 MWp, depending on technical conditions. the national electricity transmission network, SeeNews reports.
"This is probably the largest investment in renewable energy near Bucharest and in Romania," Stelian said, adding that Nofar will continue to operate all power plants after the construction of projects in its portfolio.
Nofar entered the Romanian market in 2021 and shortly thereafter purchased a 155 MWp photovoltaic project in Arges County, together with its partner Ecoenergy, for 98m euros.
Founded in 2011, Nofar Energy specializes in the development, operation and maintenance of photovoltaic plants and wind farms. The company is listed on the Tel Aviv Stock Exchange and the third largest renewable energy company in Israel by market value.
Last year, Nofar signed a 30m-euro deal with Elon Musk's Tesla to buy batteries with a capacity of at least 100 megawatts. This will enable it to build solar power plants to become part of the Israeli energy network by the end of 2023, bringing Nofar to a total capacity of 1 GW in its home country.
Nofar Energy operates in Spain, Italy, Israel, Poland, the United Kingdom and the United States. The company's activities include terrestrial solar projects, floating solar projects in water reservoirs, solar roof projects and electricity storage projects. Over the years, the company has developed hundreds of partnerships with leading energy and construction companies.
11.05.2022
ROMANIA: THE CENTRAL BANK HAS DECIDED TO RAISE ITS KEY INTEREST RATE TO 3.75 PER CENT
The Council of the National Bank of Romania (NBR) has decided to raise its key interest rate to 3.75 percent per year from 3 percent a year before, as of May 11, 2022, the central bank said.
At the same time, the representatives of the institution decided to raise the interest rate for the credit facility (Lombard) to 4.75 per year compared to 4 percent, and also to raise the interest rate on deposits to 2.75 percent per year compared to 2 percent per year.
11.05.2022
FOREIGNERS CAN APPLY FOR A LONG-STAY VISA TO WORK IN ROMANIA WITHIN 180 DAYS
According to a recent amendment to the Extraordinary Government Ordinance (OUG) 194/2002 on foreigners in Romania, the deadline for applying for a long-term work visa in Romania has been extended from 60 to 180 days from the date of receipt of the work permit from the employer.
"Emergency Government Ordinance (OUG) 59/2022 amending the legislation on foreigners in Romania entered into force on 5 May, thus amending OG 25/2014 on the recruitment and secondment of foreigners to Romania in order to enable to apply for hiring/posting permits from all local immigration services," the General Immigration Inspectorate (GII) said on Friday.
OUG 59 of 4 May 2022 amending the legislation on foreigners in Romania was published in the State Gazette 450/2022 on 5 May. The ordinance facilitates the issuance of approvals for hiring/posting and work visas and allows for the shorter-term hiring of foreign workers as part of the contingent of new foreign workers admitted to the Romanian labor market.
"The removal of restrictions on the KOVID-19 pandemic in Romania has led to an increase in the number of applications for work permits/postings, which has made it impossible for immigration services to process applications satisfactorily. At the same time this year according to OG 132/2022 to establish a quota for newly recruited foreign workers on the labor market in 2022, a contingent of 100,000 newly recruited foreign workers was established, which is 100 percent more than the previous year."
The provisions in the new legislation aim to streamline the management of applications by creating a single work process throughout the country, thus contributing to supporting the employment of foreign nationals and employers of newly recruited foreign workers by reducing waiting times to submit applications and start work in a shorter time.
11.05.2022
RIGHT TO ADDITIONAL PAID LEAVE ON THE GROUNDS OF ART. 319 OF THE LC UPON EXPIRATION OF THE DECISION OF THE TEMC
According to Art. 319 of the Labor Code, employees with permanently reduced working capacity of 50 and over 50 percent are entitled to basic paid annual leave in the amount of not less than 26 working days. The term of disability is determined by the TEMC in compliance with the requirements of the Ordinance on Medical Expertise (OME). The term of disability is from one to three years depending on the nature of the disability, the dynamics of its development and the possibilities for recovery (Art. 69, para. 1 OME).
It should be borne in mind that the employee may not automatically use leave in the amount under Art. 319 of the Labor Code (LC), despite the fact that a decision has been issued by the TEMC. In order to exercise the right to basic paid annual leave of at least 26 working days, it is necessary for the employee to present to the employer a valid expert decision of the TEMC (with a certain period of invalidity that has not expired) and in the decision to determine a permanently reduced working capacity of 50 and over 50 percent.
11.05.2022
HOW CAN WE MAKE ADDITIONAL INCOME?
"It turns out that less than 1% of people officially have a second job in Bulgaria, according to NSI statistics. Nearly 90% of Bulgarians' incomes come from salaries, pensions and social benefits. Investments are also below 1% and other sources are around 4%. At the same time, many studies are being done, which show that about 30% is the share of the gray economy in Bulgaria." This was stated by financial expert Stoyne Vasilev.
"What I recommend is, where we work, to take advantage of options for additional projects, which is the easiest and closest to us. If this is not possible, we can look for additional work. Freelance platforms, for example, are a good option for finding additional income," Vasilev said.
According to him, the other thing we can do is to organize a small business - it is very easy to make an online store or even use advertising sites and buy and sell there.
Another very popular activity in our country is the so-called Drop shipping - to sell without having any stock, as the goods are actually sent from another store.
However, we have to evaluate the sites very carefully, because in addition to the opportunities, there are many companies that are trying to make some fraudulent schemes or are not correct with the payments. We need to check whether the company is legitimate and whether the site has other people who earn extra income from it, says the expert.
"I would start with the homes we do not currently use in some cities. Let's take advantage of what we already have, because it is not so difficult to rent them out. There are companies that are fully involved in this process.
Before we think about buying an investment property to rent, we can think about those that we already own and are empty. Statistics show that even in Sofia close to имо of the properties are empty.
Secondly, when we decide to become rentiers, we have to do our homework again and look for specialists in this field. Although it seems easy for many people to buy a property and rent it out, this is not the case. Prices are currently rising and rents have remained at lower levels, which reduces profitability," explains Vasilev.
11.05.2022
DOUBLE-DIGIT GROWTH IN JOB POSTINGS IN HOTELS AND RESTAURANTS
The number of job advertisements in April reached just over 52,500, an increase of 21% compared to April 2021, according to the monthly analysis of the HR company and career site JobTiger.
Compared to March this year, there is also, albeit a slight increase of about 1% despite the Easter holidays and weekends in April.
Solid double-digit growth of 14% was marked by job advertisements in the hotel and restaurant sector, reaching over 11,000 positions, while the number of job advertisements increased by 7% in the retail sector and in the logistics and transport sector by 4% and in "Health and Pharmacy" - by 1%.
The hotel and restaurant sector is on the way to take the first place as a share of the total number of ads and to overtake the traditional leader - the "Trade and Sales" sector.
At the same time, job advertisements in the Manufacturing sector decreased by 2% in April, in Construction by 3%, in Marketing and Advertising by 7%, in Accounting, Auditing and Finance by 9.3%, "IT" sector - by 9.4% and "Administrative and service activities" - also decreased by 9.4%.
Despite the decline in job advertisements in the IT sector, it retains third position as a share of the total number of advertisements, followed by "Manufacturing" (with a share of 11%), "Administrative and service activities" (9%) and "Logistics and transport "(8%).
According to the analysis of the data, the offers for work from home and/or remote work at the end of April reached almost 6000 or 11.6% of the total number of ads. Compared to the previous month of March, the number of these types of proposals increased by 8%, and their ratio by sectors is as follows: "IT" (55%), followed by "Administrative and service activities" (15%), outsourcing sectors (15%) and "Trade and Sales" (5%).
In April 2022, the total number of ads in the leading regional cities decreased by 3%. The change by cities is as follows: Sofia (-6%), Plovdiv (-2%), Varna (6%), Burgas (5%), Ruse (-12%) and Stara Zagora (5%).
As a share distribution, the proposals in the leading regional cities occupy 72% of all announcements. The distribution in each of these cities is as follows: Sofia (43%), Plovdiv (9%), Varna (10%), Burgas (4%), Ruse (3%) and Stara Zagora (2%).
The number of job vacancies for refugees in April was over 2,600 - an increase of 16% compared to March. As a share, this type of proposals is about 5% of the total number of ads in the country.
10.05.2022
HOW TO COLLECT COUNTER-CLAIMS?
What obligations can be offset? What is the procedure for doing this? Is it possible to intercept everything?
Bulgarian law allows the set-off of counterclaims, but at the same time sets several conditions for this to happen, describes some exceptions, and finally explicitly defines the procedure.
According to Art. 103 of the Law on Obligations and Contracts (LOAC), when two persons owe each other money or homogeneous and substitutable items, each of them, if his claim is due and liquid, may set it off against his obligation. There are several requirements here, without which there can be no set-off at all.
The first is that the two sides must owe each other. Here the law does not distinguish between the grounds on which the obligation arose and its nature. Next, the receivable must be due and liquid. This means that the claim of at least the one who is going to do the set-off must be indisputable. On the other hand, it is liquid in this case that it is feasible, ie what is intercepted is available and can be taken. It should be noted here that sometimes the set-off is used in the sense of compensation, of a kind of enforcement, when a party refuses to fulfill an obligation, and it itself has a claim against the creditor.
There can be an offset only if money or homogeneous and substitutable items are due to each other. It's clear about the money. The interception method is mainly used by them. Homogeneous and substitutable items means that, for example, the same goods are due - wheat, steel, eggs or the like. In any case, however, the set-off under the LOAC is not possible if the due is not substitutable, homogeneous items or money.
The law also stipulates that set-off is allowed even after the receivable has been repaid by prescription, if it could have been made before the expiration of the prescription. That is, all the conditions listed so far at the time of the expiration of the statute of limitations must have been present - to be available, to be indisputable, to be due, to be liquid.
It is important to note that if the debtor has agreed to the transfer of the claim, he cannot set off his debt against his claim against the previous creditor.
Next, the LOAC stipulates that the set-off is made through a statement of one party addressed to the other. This means that the offset, the compensation is not done automatically. It must be requested by at least one of the parties.
The set-off cannot be made on time or on condition. The only exception is if the condition is that the claim brought in court will be respected.
Otherwise, the two counterclaims shall be deemed repaid to the extent of the lesser of them from the day on which the set-off could have taken place.
Another thing to note is that non-enforceable claims, receivables caused by willful misconduct and tax claims cannot be set off without the creditor's consent.
The receivables related to the enforcement are those so-called non-sequesterable things, against which it cannot be enforced by law. They are defined in the Code of Civil Procedure and in an act of the Council of Ministers. There can be no interception here.
There can be no set-off for receivables when they are related to receivables from torts. For example, if there is a recognized disability benefit.
There can be no set-off under the LOAC and in the case of taxes. It should be noted here that set-off is also allowed with them, but this is done by virtue of the legislation related to the collection of state receivables, including the Tax and Social Security Procedure Code.
10.05.2022
EASY LOANS ARE GRANTED TO SMALL COMPANIES
The Ministry of Innovation and Growth has announced a new BGN 96 million loan program to guarantee loans to small and medium-sized enterprises. Seven commercial banks will provide loans without collateral.
The money aims to provide liquidity, opportunities for new investment and growth for small and medium-sized companies.
The loans will be provided by the partner banks through the Fund of Funds in the amount of up to BGN 3 million.
Bulgarian SMEs will have significantly facilitated access to business loans, the opportunity for a 12-month grace period on the principal and financing without collateral requirements, as well as approval in a shorter time.
The Recovery Program was developed and launched last summer. So far, with BGN 131.7 million under the guarantee instruments of the Fund, loans in the amount of nearly BGN 400 million have been agreed, and nearly 900 small and medium-sized companies have been supported, explained the Minister of Innovation and Growth Daniel Lorer.
According to him, the total amount of loans under the entire "Recovery Program" since its launch, including the new resource, is expected to reach over BGN 700 million in support of Bulgarian small and medium-sized companies.
This guarantee will provide a comprehensive loan portfolio of BGN 240 million, said Minister Daniel Lorer.
The money will be disbursed under a shortened administrative procedure within five working days.
"The most valuable and important thing in this program is its availability, the opportunity for Bulgarian companies to receive loans without collateral now, when many of them might find it difficult to have relations with their bank at all," he added.
09.05.2022
FINANCIAL SUPPORT FOR EMPLOYERS AND THE UNEMPLOYED HAS STARTED
The Employment Agency has started accepting applications from employers who want to receive financial support in hiring unemployed people from certain vulnerable groups in the labor market, the agency said.
Employers can submit documents to the labor offices in the country for the use of preferences for employment and training of the unemployed, which can be: young people up to 29 years of age with permanent disabilities or using social or integrated health and social services for residential care, graduates your education; unemployed persons who have served a sentence of "imprisonment".
There are also opportunities for applications from employers who open jobs for on-the-job training (dual training system) for the unemployed or so-called green jobs, as well as for hiring unemployed people over 58 under the national program "Assistance" for retirement ".
According to the National Action Plan for Employment in 2022, financial support can also be given to employers who organize training of unemployed people to acquire a profession in order to hire them.
Funds from the state budget also support the implementation of trainings on key competencies of employees in micro, small and medium-sized enterprises at the initiative of the employer.
The parameters of financing are defined in the National Action Plan for Employment for 2022 and provide for the provision of funds for remuneration for a certain period, as well as the relevant social security contributions for the unemployed. For the unemployed involved in training for acquiring a profession, the costs of training are covered, and the students themselves are paid daily scholarships and funds for intercity transport. For the training of employees, the state bears 50% of the costs of organized training in key competencies.
At the same time, financial support for the unemployed continues, which aims to support their mobility or entrepreneurship. Unemployed people with an attitude to start their own business can receive the unemployment benefits they are entitled to at once or be reimbursed up to BGN 4,000 for expenses incurred in connection with starting a business. New start-ups can also receive funds for other additional services such as counseling, training, hiring another unemployed person, etc.
Unemployed people can also receive financial support for daily expenses for intercity transport to and from work, as well as funds to cover accommodation and other expenses when starting work in a settlement more than 50 km away from their place of residence.
Each Labor Office Directorate has funds under some of the various employment promotion programs and measures that provide preferences to employers or the unemployed. The current opportunities to apply for them until the planned financial resources are exhausted are announced on the website of the Employment Agency, in the section "Announcements for financing by regions" in subsections for each region "Incentive measures for the unemployed" and "Incentive programs and measures for employers".
The free funds are also announced on the information board in each Labor Office Directorate in the country, where complete information on the possibilities, the order and the conditions for granting preferences for the unemployed or employers can be obtained.
As of May 2022, the Labor Office Directorate - Berkovitsa has the following financial resources:
For the unemployed
Providing funds to unemployed persons with an approved business project who have not exercised rights under Art. 47, para. 1 and Art. 49, para. 1 of the Employment Promotion Act (EPA) during the previous 3 years for starting a business as a micro-enterprise - the amount of the funds is BGN 4,000.
For employers
Measures under the EPA, which are implemented under Art. 50, para. 4 of the EPA, for employers who provide on-the-job training (dual system of training) of unemployed persons - BGN 4,152
National Program "Retirement Aid" - BGN 6,446.
National Program for Employment and Training of People with Permanent Disabilities - BGN 5,590.
Training of persons under Art. 63, para. 1, item 1 of the EPA, by the order of art. 63 of the Regulations for the implementation of the EPA. (for acquiring professional qualification by unemployed persons) - BGN 1278
Training of persons under Art. 63, para. 1, item 3 of the EPA, by the order of art. 63 of the Regulations for the implementation of the EPA. (for the acquisition of key competencies of employees at employers - "micro" and "small" enterprises) - BGN 423.
Training of persons under Art. 63, para. 1, item 3 of the EPA, by the order of art. 63 of the Regulations for the implementation of the EPA. (for acquisition of key competencies of employees at employers - "medium" enterprises) - BGN 89.
For the use of the above preferences, employers can submit to the Directorate "Labor Office" - Berkovitsa applications for vacancies and the necessary documents, from 09.05.2022 until the exhaustion of financial resources.
