Reduced VAT Rate on Books Could Be Big Help for Struggling Industry in Bulgaria

Reduced VAT Rate on Books Could Be Big Help for Struggling Industry in Bulgaria

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Bulgarian Book Association, the only organization of book publishers, booksellers and literary agents in the country, conducted a third survey among its members in order to track the state and trends in book publishing and book trade in the past 2020.

According to 74.6% of the participants in the survey, the reduction of VAT on books is the factor that provided the greatest support for the book business in 2020, which passed at the time of the pandemic. The other measures in support of the industry, proposed by the state – the campaigns for feeding the library funds and the programs of the National Culture Fund, are indicated as effective by 20% and 7.9% of the respondents in the survey, respectively.

As the factors with the most negative impact on business, book publishers and booksellers point out the closure of malls (52.4%), the overall reduced purchasing power of consumers (47.6%), the failure to hold the largest book fair in the country – Sofia International Book Fair (44.4%). ). These and other factors result in a smaller number of titles published than planned for 2020, according to 54% of respondents.

The trend for the past year is the growth in online sales, 68% of respondents have an increase in sales from their own online store compared to sales from bookstores. However, according to 49% of survey participants, the share of sales through their own e-shop represents only 10% of the total revenue share in 2020.

The survey, conducted by the Bulgarian Book Association in early February, involved 63 respondents – book publishers and booksellers.

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