Structure of the country and Bulgarian economy
Wednesday, 16 May 2012 20:08
Bulgaria is a Parliamentary Republic, a unified state with local self-government. The official language in the republic is Bulgarian, and the religion of most Bulgarians is Eastern Orthodox Christianity.
The national state emblem of the Republic of Bulgaria is an upright golden lion on a dark red, shield-shaped background, which is depicted on its state seal. The flag of the Republic of Bulgaria consists of three colures: white, green and red.
Bulgaria’s capital is Sofia. All citizens are equal before the law. No limitations on rights or privileges are allowed because of race, citizenship, ethnicity, sex, national origin, religion, education, beliefs, political affiliations, personal or social position, or property status.
The population of Bulgaria is 7,351,234 as of 01.02.2011, with 72.9% of its people living in either cities or villages.
The state authority is divided into the legislative, executive and legal branches. The political life of Bulgaria is based on the principle of political pluralism.
According to the Constitution, the basic institutions of the state include the National Assembly (Parliament); the President; the Council of Ministers; legal bodies such as the courts, the prosecutor’s office, and the office of investigation; the Constitutional Court; the Higher Court Council; and other organs of local self-government.
The President is the head of the state, embodying the unity of the nation and representing the Republic of Bulgaria internationally. The Council of Ministers is in charge of and enacts the external and internal policies of the country, in conformity with the Constitution and the laws of the land. The legal authorities defend the rights and the legal interests of citizens, of juridical persons, and of the state.
The basis of the Bulgarian economy is free economic initiative. The state creates conditions for the free development of science, education, and the arts and provides support for them. The state also makes provisions to preserve the country’s historical and cultural heritage.
The economy of Bulgaria is an open market economy with a developed private sector and a limited number of state enterprises. Bulgaria has been a member of the World Trade Organization since 1 December 1996. Since 1 January 2007, Bulgaria has also been a member of the EU.
The country has a strategic geographic location, liberal access to markets consisting of more than 560 million consumers, and the lowest corporate tax in EU - 10%. Investments in municipalities with high levels of unemployment enjoy tax-free status. There are also increased amortization norms (of 50%) for investments in new machinery, manufacturing equipment and other apparatus, computers, peripheral computing devices, and software.
As of 1 January 2011, the country has the lowest tax burden for households and businesses in all of the entire European Union. Its farsighted fiscal policy and stable business environment make Bulgaria one of the most stable countries in the EU.