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Bulgaria To Cut Corporate Income Tax

by Ulrika Lomas, Tax-News.com, Brussels

20 April 2005

The Bulgarian government is expecting to cut its rate of corporate income tax to as low as 12% in the near future, it has been reported.

According to Dow Jones, Deputy Finance Minister Kiril Ananiev revealed the administration's intention to cut corporate tax from 15% to 12% soon, in a move likely to unsettle governments in both Eastern Europe, where governments have been keen to attract investment with corporate tax reform, and Western Europe, where they are under pressure to cut company taxes.

"We have reached the level of some other European Union states," Annaniev told the media in Sofia. "I haven't heard any negative remarks."

Annaniev also went on to add that the country's black economy, which still accounts for between 20% and 25% of total output, is being reduced thanks to structural tax reforms.

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