On 25 November 2020, Bulgaria's Council of Ministers approved the new income tax treaty with the Netherlands. The treaty, signed 14 September 2020, will enter into force on the last day of the month following the month in which the ratification instruments are exchanged and will apply from 1 January of the year following its entry into force. Once the new treaty is in force and effective, the 1990 tax treaty between the two countries will cease to have effect.