The British Bulgarian Chamber of Commerce (BBCC) has formally weighed in on the “Transparency and Integrity in Governance Act,” submitting a critical statement to the Bulgarian Ministry of Justice on 2 March.
While the BBCC acknowledged the draft act as a “sound initiative” in principle, the organization raised significant alarms regarding its execution. According to the Chamber, the specific provisions within the draft threatened to undermine the law’s overall effectiveness and consistency. Most notably, the BBCC argued that certain requirements would effectively bar the business community from participating meaningfully in the legislative process.
The concerns voiced by the business community appear to have resonated within Parliament. On 4 March, the Constitutional and Legal Affairs Committee officially rejected the draft law. The voting breakdown was as follows:
In Favor: 6
Against: 1
Abstentions: 5
Due to the failure to secure a majority from the committee members present, the act in its current wording is unlikely to move forward under the current parliamentary formation.
A Call for Equitable Legislation
The BBCC maintains that fair and predictable legislation is a cornerstone of a healthy economy. We believe that fair and just legislation for the business makes for a better environment and improved economy.
We are inviting member companies and stakeholders to reach out if they identify other draft acts that may negatively impact business conditions or market stability.