The Bulgarian government has announced that it will deliver on the pledge it made when entering into office in 2009 and begin to reduce the nation's value-added tax towards 16% by 2015, in all probability by 1% in 2013.
The government said that in order to maintain a moratorium in excise duty hikes until 2015, a cut from the current 20% rate to as low as 18% was not possible, but said that a lesser reduction would go ahead. Taxpayers are unlikely to receive advanced notice of a decision to reduce the rate, the government citing the depressed economic activity that would occur prior to the rate change.
The government has confirmed plans to slash the nation's value-added tax rate to 16% by the time it leaves office, in 2015, to complement the nation's already internationally-attractive corporate and personal tax regimes, with their 10% flat income tax rates.
.Tags: tax | tax rates | corporation tax | individual income tax | Bulgaria | excise duty | fiscal policy | tax reform | Bulgaria
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