Банкеръ Weekly



The fire, which broke out in MPs' heads concerning the approval on second hearing of amendments to the Corporate Income Tax by the Parliamentary Budgetary and Finance Commission, was subdued Wednesday evening (December 5). On Tuesday, however, there was an absolute chaos regarding the new provisions on the final rates for gambling. At a certain moment three different taxation rates for various stakes and similar services were approved, and most of the deputies did not have the slightest idea what they were voting for. The only certain thing from the very beginning was that the final tax on the sports totalizator and lotto would remain 8 per cent.Initially, the proposal of Nina Radeva, MP from the National Movement Simeon II (NMSII), was voted, by which the tax on bingo and other types of games of chance were reduced from 12% to 9 per cent. The tax on erotic impulse telephones was fixed at 10 per cent. Until now they were treated as all other phones, and the clients' money went to the revenue part of the balance sheets' of firms, offering such services. This created perfect opportunities for hiding taxes, and proceeds into the budget from companies engaged in such activies were not great.After consultations with experts on Wednesday the MPs realized they had made a mess. Why should we grant tax-relief on games of chance and at the same time increase the size of patent taxes, NMSII's deputy Nina Chilova asked. A similar stance was voiced by Vice Minister of Finance Atanas Katsarchev. Their arguments obviously outweighed the others, as after debating for half an hour the MPs from the Budgetary and Finance Commission finally approved only two taxation rates. One of them is the traditional 8% for the sports totalizator and lotto, while the tax on the other games of chance was set at 12 per cent. The same taxation rate was introduced for sex telephones.

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