Offshore women escaped the ban on owning media –

/ world today news/ Offshore women with known private citizens will not fall under the prohibitions on ownership of media, sports clubs and participation in public procurement. This is clear from the texts of the draft law prepared by the MPs from the DPS Delyan Peevski and Yordan Tsonev and published on the website of the parliament.

The authors of the law wrote in the reasons for their proposal that with the new texts “it is possible for the currently existing mechanism for hidden distribution of profits and related sanctions to be applied also in relation to transactions with companies registered in jurisdictions with preferential tax mode”, i.e. the offshore areas.
Companies registered in offshore zones should not be allowed, either directly or indirectly, to participate in license procedures of credit institutions, pension and health funds, insurance companies, as well as in transactions with securities, participation in public procurement and concessions. Such companies are prohibited from participating in the ownership of sports clubs, mobile operators, electronic or print media. In addition, these companies will not be able to obtain a license to trade in goods within the scope of the Law on Tax Warehouses and Excises – i.e. cigarettes, alcohol and fuels. Also, offshore companies will not be able to be gambling operators.
Despite the wide range of prohibitions, the legislator has provided several exceptions. For example, if the managers, directors or authorized persons certify with an official document, certified and legalized according to the relevant order, that the shares of the company registered in an offshore area are traded on a regulated market in our country or in another country of the European Union. Also exceptions are made by companies that are part of an economic group whose parent company is a resident entity for tax purposes and the natural persons who are its real owners are known.
The law provides for a number of sanctions for providing false information, and for the first violation the fine is between BGN 10,000 and BGN 50,000, but in the case of a repeated sanction – it jumps from BGN 250,000 to half a million BGN, writes Darik.