CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Bulgaria Approves 2013 Budget

Bulgaria Approves 2013 Budget

by Ulrika Lomas, Tax-News.com, Brussels

11 December 2012


Bulgaria has approved its 2013 budget, forecasting growth of between 1.2% and 1.9% and introducing a new 10% tax on bank deposit interest.

The new tax represents a broadening of the country's 10% flat tax rate, which was introduced in 2007. The Finance Minister, Simeon Djankov, recently expressed the view that the flat tax needs to remain in place for the next ten to fifteen years, so that the country can "catch up" in economic terms.

The government expects revenue of BGN30.6bn (USD20.2bn), or 37.5% of GDP, and to spend BGN 31.7bn. The deficit is predicted to remain at around 1.3% of gross domestic product.

Other provisions in the budget include an increase in the minimum salary to BGN310 and an increase in the minimum pension to BGN150.

Passage of the budget was enlivened by a row which reportedly began when Djankov mocked opposition members of parliament as "drunkards." Mr Djankov subsequently apologized for the outburst, which he put down to "tiredness due to many hours of sessions."

TAGS: tax | interest | banking | gross domestic product (GDP) | budget | Bulgaria | tax rates

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »