SOFIA - Bulgaria will lower its value added tax rate in 2012, although the government will not yet specify the date or extent of the reduction. In a televised interview on December 29th the Deputy Prime Minister of Bulgaria Simeon Djankov confirmed that the government will lower the national value added tax rate by either 1 or 2 percent in 2012. The upcoming changes will come as part of the government’s pledge to decrease the value added tax rate to 16 percent by 2015, ... Read More

The Prime Minister of Bulgaria has stated that the country will not see a change in its corporate tax rate or economic decision making processes as a result of joining the Euro Plus Pact. While speaking to the parliament of Bulgaria on May 4th, Prime Minister Boyko Borisov defended his party’s intention for the country to join the Euro Plus Pact, saying that the move is beneficial for the country and will not lead to Bulgaria loosing decision making power over its economic ... Read More

The Bulgarian Government has given clear indication that it will not raise its Value Added Tax (VAT) rates in order to reduce the current budget deficit. Speaking at a television interview on May 23rd, Simeon Djankov, Finance Minister of Bulgaria, denied any speculation regarding possible increases to the nation’s VAT rates. Economists across Europe, and political figures within the country, have called for a rise to the current 20 percent VAT flat-rate in order to eliminate the budget deficit. The current monetary imbalance ... Read More

The National Assembly of Bulgaria has approved the increase on all of the country's gambling taxes to a unified rate of 15%. On November 26th, the National Assembly of Bulgaria voted and approved amendments to the country's Corporate Income Act, which will see levies on sports gambling, casino games, the lottery and any other gambling activity being taxed at 15% of their annual revenue. Also, quarterly taxes on gambling machines will be set at BGN 500 (approx EUR 250) , while a ... Read More