The Bulgarian government has reversed its pledge to cut the country's rate of corporate income tax after adopting a new package of measures that keep current tax rates on hold.
Last month, Deputy Finance Minister Kiril Ananiev revealed the administration's intention to cut corporate tax from 15% to 12% in the near future in a move designed to attract more foreign investment.
However, with parliamentary elections due to be held next month, the government has since decided to maintain the current levels of tax so that the future government will, according to Finance Minister Stamen Tasev, "be able to independently choose its budget policy".
The draft legislation calls for the tax system to be simplified, and for value added tax to be cut by 2% to 18%.
The proposals must first be approved by parliament, although it is not apparent when lawmakers will examine the legislation.
Bulgaria has aspirations to join the European Union in 2007.
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