“Unfortunately, the political situation in Bulgaria is somewhat fragile,“ says Victor Gugushev, Partner at Gugushev & Partners in Sofia. “Parliament made changes to the legislation regarding the gambling industry, but it based its decision on unclear grounds and motives.“ In addition, he says the National Lottery of Bulgaria is set to be “practically nationalized“ which could have a serious impact on the economy. “For the past three or four years, the taxes paid by the National Lottery amounted to almost a quarter billion euros. I’m not commenting whether that is right or wrong, but I am concerned about the way it was done and the agenda behind it,“ he says.
Additionally, there’s an ongoing controversy related to the release of audiotapes of Bulgarian President Rumen Radev by the country's prosecutor's office. "The public reaction to this was clear," Gugushev explained. "It is not fair game to wire the president if you don’t have solid grounds for that, even more, to release the tapes in the public domain. There is serious debate among the Bulgarian legal society as to whether such behavior from the prosecutor's office might even be considered a crime.“
Still, Gugushev believes that, in spite of all, the economy is doing well. “We have a lot of stable companies and there are no other upcoming major changes in the legislative pipeline. We are one step closer to accepting the euro and this is something positively expected by Bulgarian businesses.“