2020 was a difficult year for everyone, including those living in Bulgaria. Let's review the year!
For many, 2020 became a kind of stress test. No one planned for the pandemic and the restrictions that came with it, yet everyone had to face them. The year showed that, along with the ability to plan, qualities such as flexibility and the ability to adapt to rapidly changing circumstances matter just as much.
Businesses that managed to move their operations online or otherwise adapt to the changed conditions and the new requirements of the authorities found themselves in a favourable position. For example, many restaurants began offering food delivery, and shops started operating in an online format.
At the same time, household incomes fell, and this affected the profits even of businesses that were not directly hit by the restrictions. Even so, online retail and the medical and educational sectors developed this year even more actively than expected — especially against the backdrop of other industries.
Despite all the difficulties entrepreneurs had to face, it must be acknowledged that the quarantine measures in Bulgaria were fairly mild, and even those working in the tourism sector managed to avoid major losses.
Because of the quarantine measures, the deadlines for filing reports were extended in 2020, which proved very convenient for businesses.
Bulgaria still remains a favourable region for doing business in the European Union. Low taxes and a favourable business climate make the country attractive even in a period that is difficult from an epidemiological point of view. In 2020 the corporate tax in Bulgaria did not change. It is still only 10%. Low taxes allow small, medium and large enterprises to develop successfully, including those oriented towards international or intra-European markets. You can always obtain free consultations on developing a business in Bulgaria from Bulgarian Expert.
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