Банкеръ Weekly

Briefs

TAXES OF THE POOR TO BE REDUCED BY MONEY FOR A QUARTER OF A LOAF OF BREAD

The taxes of the poorest stratum of Bulgarians will be reduced by money, sufficient to buy a quarter of a loaf of bread. The taxes of the other citizens will be decreased, too. This was agreed between the Finance Minister Milen Velchev, the Minister of Labour and Social Policy Lidiya Shouleva, the Chairman of the Bulgarian Industrial Association Bozhidar Danev, the Deputy Chairman of the Confederation of Independent Trade Unions in Bulgaria (CITUB) Dr. Ivan Kokalov, and the expert of the Podkrepa Labour Confederation Mika Zaikova, at a 2-hour meeting of the National Council for Tripartite Cooperation, held on Wednesday (October 2) at No 1 Dondoukov street. The amendments will be written in a draft for amending and supplementing the Natural Persons Income Taxation Act, expected to be moved by the Cabinet into Parliament by the beginning of November at the latest. The calculation of taxes in the future are to be made according to tables for the incomes of citizens from the low social strata. The tax relief for taxable income of BGN130 is projected at BGN0.19, or the cost of a quarter of a loaf of bread of the Dobroudja type. The tax reduction will be BGN0.45 for a monthly income of BGN140, BGN0.73 for BGN150, BGN2.38 for BGN200, BGN3.27 for BGN250, and BGN3.48 for BGN300.The members of the National Council for Tripartite Cooperation agreed that the goods imported into Bulgaria and needed for the implementation of projects with size of invested capital exceeding BGN10,000,000, shall be exempt of value added tax (VAT). Their decision will be moved to the National Assembly as a draft for amending the VAT Act. It was also decided that the corporative tax on the profit of enterprises in municipalities of high unemployment would be reduced from 23.5% to 15 per cent.

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