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Today’s Top Headlines

Bulgaria Greece Tax Argument Settled

by Ulrika Lomas,, Brussels

19 August 2015

Bulgaria has welcomed a commitment from Greece to revoke its withholding tax on Greek business transactions in Bulgaria.

Earlier this year, Bulgaria had requested that the European Commission challenge Greece's decision to introduce a 26 percent withholding tax on transactions in Bulgaria, Cyprus, and Ireland, which had been introduced due to their low corporate tax rates. Subsequently Greece was sent a reasoned opinion, which requested that it amend its law to bring it into line with EU law.

The Commission had concluded that the levy contravened EU law principles on the free movement of goods and free provision of services.

Greek lawmakers agreed to repeal this levy as part of the country's third bailout, which was recently agreed by Greece's Parliament and EU finance ministers.

TAGS: Finance | tax | Ireland | law | Bulgaria | withholding tax | Cyprus | Greece | services | Europe | Tax

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