President Plevneliev's Veto Survives Parliament Vote


(Sofia, Jan 12) - Bulgarian MPs supported President Rossen Plevneliev's veto on the Investments Encouragement Act and returned it for further discussion.

Only three MPs supported the Act, 24 voted against it and 95 abstained from voting.

President Plevneliev vetoed the new law because, as he made it a point, the new regulations for residence of foreign investors in Bulgaria create many obstacles for their business activities.

Some of the regulations include a contribution worth at least BGN 4 million to the capital of the Bulgarian company and the opening of at least fifty new jobs for Bulgarian nationals.