INSTITUTIONAL ISSUES FOR THE BULGARIAN TOURISM INDUSTRY FOLLOWING AMENDMENTS IN TAX LEGISLATION

• Main Authors: M. Georgiev, Iv. Dimitrova
• Format: Article
• Language: English
• Published: Trakia University 2019-10-01
• Series: Trakia Journal of Sciences
• Subjects: institutional impact; information asymmetries; governance structure; transaction costs
• Online Access: http://tru.uni-sz.bg/tsj/Volume%2017,%202019,%20Supplement%201,%20Series%20Social%20Sciences/1/za%20pe4at/12.pdf

The current study examines the institutional issues in the tourism sector of Bulgaria in terms of the impact of the by-law Ordinance № 18 of 13 December 2006 on the registration and reporting of sales in retail outlets through fiscal devices. The research applies: (1) defining the legal “error”; (2) the information asymmetries that pose a problem to the coordination mechanisms of the organization are described; (3) the negative economic effects are presented through the measurement of transaction costs. In conclusion, proposals have been made to improve this section of the institutional environment.